Fed Hike Odds Fall to 22%, Bitcoin Sees Modest Gains

Rate hike expectations have been on the decline for the US Federal Reserve's next meeting in October. According to Glassnode, Fed funds futures put the odds of an October rate hike at 22%, down from 66% earlier in the week.

The recent developments contributing to this decline include comments from New York Fed President John Williams, who stated there was 'no need for urgency' after the Fed's September rate hike. Additionally, softer-than-expected inflation data and a weaker September jobs report also played a role.

Bitcoin gained about 1% over the week as market expectations for another US Federal Reserve rate hike in October declined. However, Glassnode noted that Bitcoin's initial response to these developments was positive but relatively limited.