With less than six days left before the September interest rate meeting, the CME Fed Watch Tool shows that market expectations for a 50 basis point interest rate cut have risen significantly to 45% from 15% yesterday morning.

Former New York Fed President Dudley also said that it is indeed necessary for the Fed to cut interest rates by 50 basis points in September. It seems that a 50 basis point interest rate cut is more likely.

However, for crypto markets, the overall number of rate cuts in this cycle may be more impactful than the magnitude of the first rate cut.

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