The sudden plunge in the crypto market is being attributed to the Fed’s expected interest rate hike in September. August consumer price index (CPI) data came lower than expected, leading to a bullish surge in crypto and forex markets alike.
Federal Reserve Bank of St. Louis president James Bullard said he would favor a 75 basis points increase. An interest hike by the fed next month could lead to another downturn. A similar interest rate hike of 75 basis points in June led to crypto market turmoil after an initial price surge.
https://cointelegraph.com/news/crypt...ns-in-24-hours
Federal Reserve Bank of St. Louis president James Bullard said he would favor a 75 basis points increase. An interest hike by the fed next month could lead to another downturn. A similar interest rate hike of 75 basis points in June led to crypto market turmoil after an initial price surge.
https://cointelegraph.com/news/crypt...ns-in-24-hours
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