Bitcoin Eases to One-Month Low on Rising Fed Rate-Hike Bets
Dow Jones11:42
0342 GMT - Bitcoin dips to a one-month low after hotter-than-expected U.S. CPI data drives up market expectations for a Fed rate hike later this month. The cryptocurrency hit a low of around $80,247 in Asia, according to LSEG data. "October is once again very much a live month for the Fed, after a seesaw few weeks that has seen the chances of an October move gyrate wildly," IG analysts say in a note. The resurgent dollar and revived bond yields don't bode well for bitcoin and precious metals, they say. Higher borrowing rates tend to weigh on risk appetite, pressuring cryptocurrencies. Bitcoin is 0.9% lower at $81,003.80.
At the request of the copyright holder, you need to log in to view this content
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments