In accordance with Bpaynews, markets are closely watching the Federal Reserve's potential rate cut, a proposed Bitcoin tax bill, and rising fiscal concerns in the US and UK. The New York Fed has signaled openness to easing policy, with futures implying a 60% chance of a December rate cut. A proposed Bitcoin tax bill would allow BTC payments for federal taxes, exempting them from capital gains, with proceeds funding a $17 billion US Strategic Bitcoin Reserve. Meanwhile, Bitcoin fell about 3% to a seven-and-a-quarter-month low amid broader risk-off sentiment. UK borrowing overshot targets by £9.9 billion, and updated projections cut expected tariff revenue by $1 trillion, reducing projected US deficit savings.
Bitcoin Tax Bill Proposal and Fed Rate Cut Odds Fuel Market Volatility
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