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Source: Newsmaker.id
The cryptocurrency market strengthened during Monday's trading (Sept. 14), even as investors remained cautious ahead of the Federal Reserve's interest rate decision and amidst rising tensions in the Middle East. Bitcoin traded around US$77,740—a gain of 1.28%—after recording a decline of approximately 2% last week.
Gains were also seen across most major altcoins. Ethereum rose about 1.14% to US$2,522.67, XRP strengthened 2.06% to US$1.3857, and Solana gained 1.58% to reach approximately US$101.59. BNB rose 0.83% to US$724.04, Cardano strengthened 0.68% to US$0.2080, and Dogecoin increased by about 0.79% to US$0.08422.
Despite the crypto rally, market sentiment remains overshadowed by expectations of a US interest rate hike. The market anticipates an 86% probability that the Federal Reserve will raise rates by 25 basis points this week, following US inflation data indicating persistent price pressures. Higher interest rates typically pose a challenge for risk assets like Bitcoin, as they enhance the appeal of dollar-denominated assets and bonds.
Oil prices are also drawing attention. Brent crude traded around US$107.40 per barrel (up 2.67%), while WTI stood at approximately US$102.38 (up 2.33%). Disruptions to Saudi Arabia's East-West pipeline and threats to the Strait of Hormuz and the Bab el-Mandeb Strait have kept supply concerns elevated. These conditions could exacerbate inflationary pressures and reinforce the case for central banks to maintain tight monetary policy.
On the regulatory front, the crypto market is also awaiting a potential vote on the Clarity Act in the US Congress on September 15. The proposal is drawing attention for its potential to clarify the regulatory framework for digital assets in the United States, although differences of opinion persist regarding stablecoin yields and cryptocurrency investment rules for government officials.
Newsmaker Analysis: The strengthening of Bitcoin and altcoins indicates short-term buying interest, yet the market has not fully shifted into "risk-on" mode. Bitcoin continues to hover around the $77,000 level, while upward momentum remains constrained by high oil prices, potential Federal Reserve interest rate hikes, and geopolitical uncertainty. Should the Fed's decision prove more hawkish than anticipated, cryptocurrency volatility could rise once again. (arl)
Source: Newsmaker.id