Cryptos Fall As Crude Oil Prices, Rate Hike Bets Rise

Cryptocurrencies mostly declined during the past 24 hours as markets reconciled to the spike in rate hike expectations from the Federal Reserve in the wake of hawkish comments from the Fed Chair. The sudden escalation in geopolitical tensions in the Middle East and the surge in crude oil prices that followed have also added to the bearish sentiment in crypto markets. The net outflows from U.S.-listed Bitcoin Spot ETF products also weighed on sentiment. Losses were limited by reports of Bitcoin purchases by Strategy Inc.

Bitcoin touched a high of $79,373 during the past 24 hours. Overall cryptocurrency market capitalization has slipped mildly from the flatline.

Crypto market sentiment was boosted by renewed hopes of institutional support to the cryptocurrency market. Virginia-headquartered Strategy Inc (MSTR) on Monday announced acquiring 4,603 Bitcoins worth $369.7 million during the period from August 24 to August 30. The leading Bitcoin treasury company led by Michael Saylor has lifted its total holdings of Bitcoins to 845,050. The average cost of the holdings is at $75,412.

The CMC Crypto Fear and Greed Index that tracks sentiment in the crypto market is steady at 75 (Greed). The index was at 81 (Extreme Greed) a week ago and 34 (Fear) a month earlier.