Crypto Prices Surge Amid Middle East Tensions and Inflation Worries

Cryptocurrency prices have risen in recent trading sessions as markets respond to tensions in the Middle East and ongoing disruptions to shipping traffic through the Strait of Hormuz.

The market is also monitoring US economic data, which showed an acceleration in consumer price inflation in August. This has led traders to increase their bets that the Federal Reserve will raise interest rates this week, with a probability reaching 86% according to the FedWatch Tool.

BTC's price surpassed $77,500 during Monday's trading, while ETH and XRP saw slight increases of 0.39% and 2%, respectively. The CEO of Coinbase, Brian Armstrong, has predicted that Bitcoin will reach $400,000 by the end of 2030, following an 23% rise in August.