Cryptos Soar as Fed Rate Hike Bets Plummet

Cryptocurrency markets have seen a surge in sentiment, driven by diminished expectations of a quarter-percentage rate hike by the Federal Reserve. The FOMC decision on September 16 has led to a decrease in Fed rate hike bets, with the likelihood of a quarter-percentage rate hike falling below half-mark to 48.4 percent.

The U.S. dollar's retreat and easing global bond yields have also contributed to the uptick in cryptocurrency prices. The Dollar Index is currently trading at 98.99, around 0.60 percent lower than its previous close. Cryptocurrency market capitalization has jumped to $2.64 trillion on an overnight basis.

The liquidation of short positions in the crypto market exceeded that of long positions during the past 24 hours, with a net liquidation of $254 million versus $352 million a day ago. Bitcoin is currently trading 3.5 percent higher at $79,798, while Ethereum has risen 2.5 percent to $2,454.96.