Waller made these comments in an interview with CNBC on Friday, just two days after the Federal Reserve voted to keep interest rates unchanged for the fourth time in a row. Waller's dovish comments boosted Bitcoin, but only briefly.
Perhaps the constant insults from US President Donald Trump are finally having an effect, as Federal Reserve Governor Christopher Waller hinted at a rate cut "as early as July" in an interview with CNBC on Friday.
Crypto and stock markets initially rallied on the news, with Bitcoin climbing to over $106,000, but the cryptocurrency has retreated to $104,000 as of press time. Market performance was mixed, with the Dow up 0.16%, while the S&P 500 and Nasdaq fell 0.26% and 0.64%, respectively. Crypto markets also underperformed, initially rising 0.47% before falling 0.13% at the time of writing.
Trump has been making fun of Federal Reserve Chairman Jerome Powell for weeks, calling him a "dumb," "stupid," and "dumb" for not cutting rates. The president even coined the nickname "Too Late," accusing Powell of being slow to move and not moving fast enough to lower rates. But now, at least according to Waller, the president may soon see the rate cut he has been calling for, possibly as soon as next month.
"I think we're in a position where we could do that, and it could be as early as July," Waller said, referring to a potential rate cut. "That would be my view, and whether the committee would agree to it is another matter."
Bitcoin is currently hovering around $104K, trading between $103,932.09 and $106,539.38 over the past 24 hours. The current price represents a slight loss of 0.05% on the day, and a 1.22% drop over the past week.
Trading volume rose 1.54% to $42.65 billion, showing continued interest from market participants. Bitcoin's total market capitalization fell slightly to $2.07 trillion, down 0.06% from the previous day. Despite its choppy performance, BTC's market cap share rose slightly to 64.94%, indicating a slight increase in funds outflow from other cryptocurrencies.
Meanwhile, BTC futures open interest increased by 0.90% to $700.9 billion, which could mean increased speculation in the derivatives market. A total of $40.03 million in long positions were liquidated in the past 24 hours, painting a picture of overly aggressive bull market participants. At the same time, $22.61 million in short positions were also liquidated, totaling $62.64 million since yesterday.
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