Bitcoin · Federal Reserve (FED) · U.S. Treasury · Iran · The Block
Bitcoin holds near $80,000 despite renewed Fed rate hike fears as CPI test looms
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◎ Multiple-sources
Bitcoin was trading below $80,000 on Monday after giving back some of its gains from last week.
Key facts
- However, analysts at QCP Capital said the volatility in day-to-day flows looked more like traders adjusting positions and waiting for clarity ahead of this week's data than firm directional
- Following the report, the implied probability of a 25 bps Federal Reserve rate hike on Sept. 16 rose to around 60%, according to CME's FedWatch tool — It had climbed above $82,000 at one point last week before Friday's U.S. jobs report, which showed 162,000 jobs were added in August against expectations of 55,000
- Bitcoin was trading below $80,000 on Monday after giving back some of its gains from last week
Summary
The largest cryptocurrency by market capitalization was changing hands at around $79,500, 's bitcoin price page. Following the report, the implied probability of a 25 bps Federal Reserve rate hike on Sept. 16 rose to around 60%, according to CME's FedWatch tool. "The crypto market continues to display exceptional resilience despite having been presented with plenty of reasons to correct," LMAX Group Market Strategist Joel Kruger told The Block. Kruger also pointed to higher Treasury yields and rising oil prices following the latest escalation between the U.S. and Iran.