Cryptocurrency bettors held back from lofty Bitcoin (CRYPTO: BTC) projections despite the Federal Reserve's quarter-point rate cut last week.

As of this writing, the odds on the apex cryptocurrency exceeding $125,000 in September were only 5% on Polymarket, while the chances of it topping $130,000 were reduced to 1%.

The odds of Bitcoin surpassing $120,000 were down to 14%, whereas the likelihood of the coin staying below $107,000 increased to 29%.

See Also: Hex Trust CEO Alessio Quaglini Says US Regulatory Clarity Will Unlock Bitcoin’s Next Wave

Interestingly, vocal cryptocurrency advocate and executive vice president of The Trump Organization Eric Trump, stated in an interview last week that a rate cut would significantly boost cryptocurrency prices.

“I just think you would potentially see this thing skyrocket,” Trump was quoted as saying by Yahoo Finance.

The Federal Reserve enacted a widely anticipated quarter-point rate cut last week, but the impact on the cryptocurrency market has been anything but positive. Since the rate cut, Bitcoin has dived by 4.35% to below $113,000.

Rate cuts are typically viewed as bullish for cryptocurrencies, as investors may shift from low-yield bonds and savings to riskier assets.

Price Action: At the time of writing, BTC was exchanging hands at $112,743.36, down 2.53% in the last 24 hours, according to data from Benzinga Pro.

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This article Eric Trump Said A Fed Rate Cut Would Result In Crypto Skyrocketing, But The Majority Of Polymarket Bettors Have A Sobering View On Bitcoin originally appeared on Benzinga.com

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