Crypto
Bitcoin Price Rallies 5% Amid Uncertainty Over Interest Rate Hike
Bitcoin's price has rallied by 5% in one day following comments from Federal Reserve Governor Christopher Waller. Speaking at a Reuters event, Waller indicated that he would be inclined to support keeping interest rates unchanged during the September meeting.
This move led to an uptick across the crypto market and highlighted strong demand for Bitcoin, with $730.8 million net flows into spot BTC ETFs on the same day.
The odds of a rate hike have decreased from 57% to closer to 50%, according to the CME FedWatch Tool, making it now a coin toss whether interest rates remain unchanged or face a hike.