Crypto Market Falls on Rising Fed Hike Odds and Macro Concerns
On September 8, Bitcoin fell nearly 1% to $78,475.12 as concerns over a potential Federal Reserve rate hike pushed the probability of an increase above 60%, according to CME’s FedWatch tool. The broader crypto market also declined slightly, with Ethereum and Solana each dropping less than half a percent. Market caution was further fueled by rising oil prices and a security breach on Liquid Network, a Bitcoin layer-2 blockchain solution. Despite the daily losses, Bitcoin has still gained over 20% in the past month after briefly reclaiming $80,000 last week. Spot Bitcoin ETFs saw positive inflows at the end of August, with iShares Bitcoin Trust (IBIT) gaining more than $117 million on Friday alone. However, U.S. markets were closed for a holiday yesterday, delaying updated data. Ethereum’s slight decline was tempered by news from its foundation prioritizing quantum readiness and increased buying activity from Bitmine Immersion Technologies.
Topics: Bitcoin Crypto ETFs Ethereum Federal Reserve Policy Solana