Crypto Market Tumbles Amid Inflation Fears and Rate Hike Uncertainty

The cryptocurrency market took a step back today, with the total market cap falling to $2.76 trillion, down 0.60% in the past 24 hours. Trading volume sits at $94.41 billion.

Bitcoin slipped to $78,062.80, while Ethereum eased to $2,470.13 and XRP dropped to $1.38. Most coins are red today, but the drop is mild, not a crash.

The main driver behind this dip is inflation worry, stoked by climbing oil prices. Markets now price in a 60.40% chance of a Fed rate hike at the September 16 meeting, up from 39.6% odds of no change.

A mix of politics and economic data is pushing the market lower. President Trump's plan to issue a $5,000 'dividend' to every adult citizen in the US if Republicans win the midterm elections could cost close to $1.2 trillion.