Crypto Markets Rise as Fed Rate Hike Odds Increase Amid US-Iran Pause
Crypto markets have ticked up on Monday morning as investors prepare for a volatile week ahead. The main event is Wednesday's Federal Reserve rate decision, which has seen odds of a hike increase to 36.3% from 63.7%. This follows intense airstrikes between the US and Iran, which paused over the weekend.
The development caused oil prices to dip and US stock futures to jump, also lifting crypto markets. The market 'feels very frothy,' said Kristina Hooper, chief market strategist at Man Group, adding that investors are walking on eggshells, ready to react negatively to any signs of imperfection.
Bitcoin has moved up 1% to tap $65,500 in early trading, but faces resistance above $66,000. Ethereum has made a bigger move, hitting a seven-week high of $1,960 after making a 3.5% gain.