Bitcoin slides toward $74K as Fed’s Waller backs a December rate hike

Bitcoin fell toward $74,000 on Tuesday after Federal Reserve Governor Christopher Waller said he supports raising interest rates at the central bank’s December meeting.

US stock futures slipped alongside it.

Waller delivered the remarks in London on November 10, 2026. He backed a 25 basis point increase at the Federal Open Market Committee meeting scheduled for December 8-9.

He also left the door open to something larger. If core CPI rises 0.3% or more month over month, Waller said, a 50 basis point hike should be considered.

What Waller actually said

Waller’s case rests on inflation that he described as elevated and spreading across the economy.

The timing made his comments especially pointed. Tuesday was also the day of the October Consumer Price Index release.

Waller indicated he would favor the December hike regardless of what that CPI print showed. Even an improvement from the prior month would not change his view on a 25 basis point move.

He framed the stakes in terms of the Fed’s reputation. According to Waller, failing to act could undermine the central bank’s credibility on inflation.

How markets reacted

Bitcoin spent the day boxed into a range from the mid-$74,000s to the low-$75,000s. The slide toward $74,000 tracked the broader risk-off move in equity futures.

Market pricing now puts the probability of a 25 basis point December hike at around 97%.

Waller’s 50 basis point scenario is the part markets have not fully absorbed, and a hot core CPI reading is the trigger he named for it.

What to watch before December 9

Waller drew a clear line at 0.3% month over month, giving traders a specific number to watch.

If core readings come in below that threshold, a 25 basis point hike looks like the base case, and markets have essentially priced it already.

If core readings come in at or above 0.3%, the conversation could shift toward 50 basis points, since it is not what current pricing reflects.

There is also a credibility subplot for the Fed itself. Waller has publicly tied the institution’s reputation to acting in December. Markets, at roughly 97%, appear to agree he will get his way.