Crypto Markets Reel Under Rate Hike Bets Ahead of CPI Report

Major cryptocurrencies Bitcoin (BTC), Solana (SOL), and XRP fell on Friday ahead of the August CPI report, despite a higher open for U.S. stock futures.

The FedWatch Tool indicates around a 70% chance of a rate hike at the September 16 FOMC meeting, putting pressure on crypto markets.

Bitcoin struggled to regain $80,000 after failing to sustain recent rallies and fell 1.5% over the past 24 hours.

XRP's price dropped around 4.2%, while Solana fell 2.4%. Ethereum edged just 0.5% lower in the last 24 hours.