Crypto Market Crashes as US Inflation Rises 5.4%, Fed Rate Hike Odds Hit 74%

The cryptocurrency market has seen significant declines on Thursday following new U.S. inflation data that raised expectations of a Federal Reserve rate hike at its next meeting.

The September 15-16 FOMC meeting could weigh heavily on risk assets in the crypto market, with Bitcoin, Ethereum, and XRP all experiencing losses.

The U.S. PPI (Purchasing Managers' Index) soared to 5.4%, leading to increased speculation that the Federal Reserve will hike interest rates at its next meeting, with odds hitting 74%.