Asia Market Open: Bitcoin Slips Under $100K, Stocks Slide as Inflation Reshapes Rate-Cut Bets

Market Overview - Bitcoin fell below $100,000 for the first time this month, driven by reduced expectations for a US interest rate cut following hawkish comments from Federal Reserve officials [1][4] - Global stock markets experienced significant declines, with the Dow Jones down 1.65%, S&P 500 down 1.66%, and Nasdaq down 2.29%, primarily due to a sell-off in tech stocks like Nvidia [3] - Asian markets also faced losses, with Japan's Nikkei 225 down 1.77%, Australia's S&P/ASX 200 down 1.35%, and New Zealand's benchmark down 1.58% [3] Bitcoin and Cryptocurrency Market - Bitcoin's recent drop erased gains that were previously attributed to optimism around institutional inflows, with liquidity thinning and momentum fading [4] - Maja Vujinovic from FG Nexus indicated that multiple strains on the market, including macroeconomic and tech-related risks, contributed to Bitcoin's decline, emphasizing the need for renewed institutional conviction for future price increases [5] - The total cryptocurrency market cap decreased to $3.41 trillion, down 3.8%, with Bitcoin trading at $99,063, down 2.9%, and Ether at $3,224, down 6.9% [8] Federal Reserve and Economic Outlook - Federal Reserve officials signaled caution regarding near-term policy easing, with Treasury yields climbing as market expectations for a December rate cut diminished [6][7] - Cleveland Fed President Beth Hammack and St. Louis Fed chief Alberto Musalem highlighted the necessity of maintaining restrictive rates to control inflation, reinforcing the notion that the Fed may hold rates longer than previously anticipated [7]