Crypto Market Rises as Fed Rate Hike Odds Dim
The crypto market is experiencing gains today, with a total market cap reaching $2.93 trillion. Bitcoin is up 0.90%, trading just above $86,000, while Ethereum has risen 0.5% and holds above $2,700. XRP has gained 1.22%, sitting above $1.50.
A weak U.S. jobs report and a drop in consumer prices from the PCE inflation data have reduced expectations of an October Fed rate hike. This shift has provided some breathing room for crypto assets, as lower rate hike odds generally benefit risk assets.
The FOMC minutes from the September 15-16 meeting will be released on October 7, offering insights into the Fed's stance on inflation and jobs. Traders will scrutinize these minutes for any hawkish or dovish signals, which could impact Treasury yields, the dollar, and market sentiment.
Analysts predict Bitcoin could hit $92,000 to $97,000 if it holds the $80,000 to $82,000 range. Ethereum is targeting $3,000, with key support levels at $2,600 and resistance around $2,800. XRP may break through $1.53 to $1.55, with potential short-term gains up to $1.67.