The US Federal Reserve (Fed) is set to announce another significant interest rate hike on Wednesday this week, and crypto market participants are watching closely for any clues about how aggressively the Fed will move.
Judging from the derivative exchange CME’s FedWatch Tool, traders are generally expecting the Fed to raise rates by 75 basis points, with a 77.5% probability of this outcome. However, that also means that the market prices in a 22.5% probability that the Fed will raise rates by 100 basis points – a hike described by Bloomberg as the “largest increase of the modern Fed era.”
The possibility of a 100-basis point hike has come into focus recently, given the increasingly hot inflation numbers in the US. Earlier this month, data showed that inflation reached 9.1% in June, more than analysts had expected and up from 8.6% a month earlier.
Still, the latest inflation report did lead to a relief rally of sorts for the crypto market, with bitcoin (BTC) having risen by close to...
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