Bitcoin’s price dips to $93,000 as traders brace for ‘blind’ Fed

Core Insights - Traders are increasingly risk-averse, as evidenced by Bitcoin's price drop to $93,000, with a slight recovery following this decline [1] - The S&P 500 and Nasdaq have both experienced declines over the past week, indicating a broader market trend away from riskier assets [1] Macroeconomic Factors - Analysts attribute the current market sentiment to macroeconomic concerns rather than structural issues, with a fragile sentiment in crypto markets [2] - The aftermath of a 43-day government shutdown and a hawkish Federal Reserve are contributing to reduced risk appetite among investors [2] Investor Behavior - Investors are withdrawing from risk exposure at the fastest rate since March, influenced by the White House's criticism of policymakers and the paralysis of federal data pipelines [3] - The probability of a December rate cut has decreased to 44%, down 10% from the previous week, indicating a shift in market expectations [3] Economic Data Concerns - The unreleased economic statistics, including unemployment rates, are negatively impacting market signals, with the White House indicating that key reports may never be published [4] - This lack of data is leaving Federal Reserve policymakers without critical information during a crucial period [4] Upcoming Economic Indicators - The reopening of US government agencies is expected to release delayed data, although it may be incomplete or distorted due to furlough effects [5] - The September jobs report is anticipated to be compromised, omitting the unemployment rate due to unpaid furloughed workers [6] Corporate Earnings Scrutiny - Corporate earnings data will be closely examined to address macroeconomic gaps, with companies like Walmart, Target, Home Depot, and Nvidia serving as indicators of consumer and AI economic health [7]