Rate Hike Worries Pressure Crypto Trading — Market Talk
Major cryptocurrencies are down with the month ending and many options expiring. Investor interest is quickly turning toward what the Federal Reserve does in September. The CME's FedWatch tool is showing a 67% chance for the Fed to raise interest rates a quarter point in September, and investors are beginning to price this in. Also pressuring cryptocurrencies is the stalled-out Clarity Act in the Senate, says Julian Pineda of StoneX. "This environment of limited progress on the Clarity Act and the possibility of additional rate hikes over the coming months is pressuring demand again," says Pineda. Bitcoin falls 3.4%, while ethereum drops 3.4%, XRP is down 2.3%, and solana down 2.1%. ([email protected])