đ„Hot off the press! The CD20 index is down 7% and BTC is seeing red with a 5% drop. đ Is the uncertainty over Fed's interest rates causing the crypto market to wobble?
Nearly every player in the CD20 is posting losses bigger than BTC. ETH is down 5.8%, SOL by 7.8%, and XRP by 7%. A whopping $175 million in long liquidations over the last 24 hours! đ±
BTC has been down 13% in the last week, echoing the aftermath of the FTX collapse. Meanwhile, the U.S. jobs data is stronger than expected, but a rising unemployment rate has penciled in a Fed rate cut for September.
Citi Research predicts eight Federal Reserve rate cuts starting in September 2024 through July 2025, lowering the benchmark rate by 200 basis points to 3.25%- 3.5%.
Bettors on Polymarket are punting that the Fed will have 1-2 rate cuts by the end of the year. What's your take? đ€ Let's discuss in the comments!
