Crypto News Today: Bitcoin Holds $79,000 While The Fed, Tether And A Hacker All Make Trouble
Monday's crypto market looks quiet on the surface, with the total market cap barely moving. Underneath, there is a Fed hike being priced in, a security warning hanging over half of all USDT, and a hacker quietly moving stolen bitcoin. Here is what matters.
Why Is Bitcoin Stuck Below $80,000?
Blame Friday. August payrolls came in at 162,000 against a consensus near 56,000, which revived talk of a Federal Reserve rate hike at the 15 to 16 September meeting. $Bitcoin dropped below $80,000, about $757 million in leveraged positions were liquidated, and the two-year Treasury yield hit a 52-week high near 4.4%. BTC is now holding around $79,000.
Here is the part most coverage is skipping. CME FedWatch puts the odds of a 25 basis point hike at roughly 58%, which is almost exactly where traders had it a week ago, before the jobs data, in the aftermath of Warsh's hawkish Jackson Hole speech. The people with money on the line barely repriced anything. The selloff was a bigger reaction than the actual change in expectations warranted. Wednesday's CPI print is the real test.
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