Crypto Loses out to Stronger Dollar — Market Talk
Cryptocurrencies are falling as investors back a stronger dollar ahead of an increasingly likely Federal Reserve rate hike next month, IG's Chris Beauchamp writes. A rally across crypto assets early last week stalled as investors bet on the greenback, with "a stronger dollar carrying almost all before it," the market analyst writes. Markets now price a 70.3% likelihood of a quarter-point Fed rate hike in October. U.S. jobs data Friday will likely reinforce expectations of rate hikes, further weighing on nonyielding assets, Beauchamp says. Bitcoin falls 2% to $82,827.11, while ether drops 1.5% to $2,646.93. ([email protected])