Crypto Prices Fall on Rate Hike Fears and Oil Price Surge

Cryptocurrency prices dropped over the past 24 hours as investors reacted to rising rate hike expectations from the Federal Reserve and surging crude oil prices. The net outflows from U.S.-listed Bitcoin Spot ETF products also contributed to the bearish sentiment in crypto markets.

Despite this, Strategy Inc, led by Michael Saylor, purchased 4,603 Bitcoins worth $369.7 million between August 24 and August 30, boosting its total holdings of Bitcoins to 845,050 at an average cost of $75,412 per coin.

The CMC Crypto Fear and Greed Index remained steady at 75 (Greed), down from 81 (Extreme Greed) a week ago but higher than the 34 (Fear) reading from a month earlier. The aggregate liquidations during the 24-hour period stood at $437 million, with long positions being liquidated at a significantly higher rate than short positions.