Crypto Market Consolidates as Fed Rate Hike Fears Weigh

The cryptocurrency market is consolidating on Friday, with Bitcoin (BTC) trading near $84,000 after paring losses. Ethereum (ETH), which had reached eight-month highs earlier this week, has slipped below $2,700. Ripple (XRP), however, continues its recovery, trading at $1.54.

The Fed's interest rate hike fears are weighing on market sentiment. The United States Federal Reserve raised interest rates in September by 25 basis points to the 3.75%-4.00% range, and another hike is expected in October, bringing interest rates to the 4.00%-4.25% range.

The broader cryptocurrency market remains elevated, despite profit-taking weighing on price action. The crypto Fear & Greed Index is steady at 71, indicating a 'Greed' territory.