Crypto Markets Slide as Fed Hike Odds Pass 60%
Crypto markets took a hit on September 8 as investors grew increasingly cautious ahead of the Federal Reserve's upcoming meeting. The likelihood of a rate hike has surpassed 60%, according to the CME FedWatch tool, causing risk-averse traders to reassess their positions.
The price of Bitcoin (BTC) fell 0.9% to $78,475.12, while Ethereum (ETH) dropped just 0.1% to $2,484.36. Solana (SOL) was hit harder, declining 0.6% to $103.37.
The macroeconomic uncertainty, coupled with a hack on the Liquid Network, added to the pressure on Bitcoin. However, Ethereum's relatively minor decline may be attributed to its recent focus on quantum readiness and potential buying interest from Bitmine Immersion Technologies.
Despite these short-term challenges, Bitcoin remains up over 20% in the past month and has reclaimed the $80,000 mark last week due to concerns about dollar weakness.