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Crypto slides as oil spikes and rate-hike odds jump to 64%

Traders priced a 52.5% chance of a quarter-point September Fed hike early Thursday, while bitcoin traded near $77,120 and total crypto market value fell to $2.64 trillion on $94.2 billion of volume.

Reported · Written up by our desk · Market Structure

Almost all of the largest non-stablecoin tokens fell in the overnight session and into the U.S. open, as an oil shock pushed long-dated Treasury yields to multi-year highs and lifted expectations for a Federal Reserve rate increase next week to 64%, according to The Defiant.

The Bureau of Labor Statistics released August producer prices at 8:30 a.m. ET, and by 11 a.m. traders had moved odds for a quarter-point September increase from 52.5% to 62.5%, and then to 63.5% by early afternoon.

Bitcoin last traded around $77,120, down 2.1% on the day and 5.1% over the week, while ether was at $2,448.88. Ether.fi rose 14.2% on a buyback vote that had closed a week earlier, but other tokens including XRP, Solana, and BNB fell during the session.

Overall market value stood at $2.64 trillion, with $94.2 billion of volume and bitcoin dominance at 58.5%. Brent crude was up 5.6% on the day to $106.83 a barrel by Thursday afternoon, its highest level since May 19, after rising 11.7% over eight sessions.

Latest closeWTI crude $91.10 ▲3.2%|Brent $103.93 ▲3.7%|Bitcoin $81,660.31 ▼1.9%

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