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Crypto Market Holds Steady Amid Oil Price Surge

Guavy AI Editorial Team
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BTC ETH
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The cryptocurrency market remains strong despite global markets reacting to a surge in crude oil prices. The price of Brent crude oil futures for November settlement has jumped 3.4% to $101.27, while WTI Crude oil for October settlement is currently trading at $96.20, also up 3.4% from the previous close.

The increase in oil prices has impacted expectations of a Federal Reserve rate hike, with the CME FedWatch tool showing a 60.4% likelihood of a rate hike on September 16, down from 63.2% a week ago.

Cryptocurrency market capitalization stands at $2.69 trillion, with Bitcoin (BTC) trading 0.95% higher at $79,315.80, accounting for 58.9% of the market. Ethereum (ETH) is currently trading 1% higher at $2,511.38.

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