Bitcoin and other cryptocurrencies were dropping on Thursday, hit by Federal Reserve Chair Jerome Powell’s comments that investors shouldn’t count on an interest-rate cut in December.

Bitcoin’s price was down 2.8% over the past 24 hours, at around $107,911. Among alternative tokens, Ethereum dropped 3.9%.

Crypto stocks fell in Thursday trading. Canaan fell 8%; BTBT fell 6%; BMNR, Circle fell 5%; Upexi, SBET, Bitfarms fell 4%; Coinbase, Strategy fell 3%.

The drop came as traders slashed their expectations for rate cuts following Powell’s comments. Although the Fed did reduce interest rates by a quarter-point on Wednesday, prices of interest-rate futures indicate odds of a December cut have fallen to 70% from 90%, according to CME’s FedWatch Tool.

「There’s profit-taking and some de-risking, because those cuts were already priced in—many investors are taking profits at these resistance levels and reducing exposure until there’s more clarity from both the Fed and the broader global economy,」 said Maja Vujinovic, CEO of digital assets at FG Nexus.

Lower rates make risky assets such as stocks and digital tokens more attractive relative to interest-bearing investments such as bonds. Reduced rates also tend to weaken the dollar, which boosts crypto valuations.