Crypto Prices Surge as Fed Rate Hike Fears Ease

Major cryptocurrencies saw gains of over 1% on Monday following the release of US jobs data that reduced expectations for further Federal Reserve interest rate hikes. The latest figures, released on Friday, shifted market sentiment, lowering the probability of an October rate hike to 22% from 64% a week earlier. However, the December rate hike is still anticipated with an 87% likelihood, according to the CME FedWatch tool.

Bitcoin led the rally, trading above $86,000, cutting its year-to-date loss to just 1.36%. Other cryptocurrencies also posted modest gains. Ethereum rose by 1.05%, while XRP increased by 1.14%. The price updates were recorded at 11:14 a.m. Makkah time.