Bitcoin faces selling pressure as Treasury yields rise and traders price in a 85% probability of the Fed raising rates next month. $BTC godbole17 reports
), the native token of Ethereum's blockchain – which successfully implemented the Shapella hard fork last week – fell by nearly 1.8% to $2,084.
Traders priced an 85% probability the Fed will raise rates by 25 basis points to the new range of 5% to 5.25% versus 66% seen following the release of inflation data on Wednesday, according to the CME's FedWatch tool. The central bank has lifted rates by 475 basis points in the past 12 months, injecting volatility into risk assets, including cryptocurrencies.
"We would consider taking some profits as the crypto market is showing exuberant signs," Thielen added."Ideally, the delta should be replaced with upside call spreads in case prices continue to rally."
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