Crypto Market Rises Over 1% on Fed Rate Hike Expectations
Major cryptocurrencies saw a boost of over 1% on Monday, following the release of US jobs data on Friday. The data reduced market expectations for further Federal Reserve interest rate hikes, providing a positive shift for digital assets.
According to the CME FedWatch tool, the probability of a Fed rate hike in October dropped to 22%, down from 64% a week earlier. However, markets still anticipate an 87% chance of a rate hike in December, indicating ongoing uncertainty.
Bitcoin (BTC) is currently trading above $86,000, trimming its year-to-date loss to just 1.36%. Other cryptocurrencies like Ethereum (ETH) and XRP also posted gains, with ETH rising by 1.05% and XRP by 1.14%.
The updated prices were recorded at 11:14 a.m. Makkah time, reflecting the market's response to the latest economic indicators.