Bitcoin Retreats as Rate-Hike Odds Increase
- Bitcoin trades near $84,490, down from Monday’s high of $87,397.
- CME FedWatch data shows October rate-hike odds at approximately 75% and December odds near 59%.
- BNB and Solana show gains of over 2%, while other top cryptocurrencies cool off.
- Crypto derivatives market faces $348.33 million in liquidations, with $270.89 million on the long side.
- Spot Bitcoin ETFs saw a significant influx of $998.9 million on Monday.
The cryptocurrency market is reacting to increased expectations of a Federal Reserve rate hike in October, leading to a pullback in Bitcoin prices and cooling off other major cryptocurrencies like Ethereum. Despite this, BNB and Solana have posted gains due to positive institutional signals.
The total crypto market capitalization has dipped around $2.93 trillion from last week’s rally peak of $3 trillion, amid heightened rate-hike expectations impacting investor sentiment and market liquidity conditions.(Source)
