Bitcoin's price declined nearly 3% following remarks by Federal Reserve Chair Jerome Powell, who indicated that there is no urgency to reduce interest rates. During a speech in Dallas, Texas, on November 14, Powell stated that the economy showed no signs suggesting an immediate need for lower rates. His comments contrasted with market expectations for a rate cut in December. Following Powell's address, Bitcoin's value dropped approximately 2.79% to $86,979 but slightly recovered to $88,100 by the time of publication. Confidence in a potential rate cut has diminished, with the chances for a 25 basis point cut falling to 59%. Bitcoin traders closely monitor interest rates, as lower rates typically render safer investments like bonds less appealing, prompting a shift toward riskier assets such as Bitcoin. In related news, the October US Producer Price Index reported a 2.4% annual increase, slightly above the 2.3% consensus, contributing to the Fed's cautious stance on interest rate adjustments. This economic climate raises concerns about policies that could affect growth and inflation.

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