Major cryptocurrencies fell Friday morning, extending a rough week as U.S. stock futures pointed higher ahead of the August CPI report. Bitcoin’s price dropped 1.5% over the past 24 hours, while ZCash led losses among major tokens with an 11% decline.
XRP’s price fell roughly 4.2%, followed by Solana at 2.4%, though Ethereum edged just 0.5% lower. On Stocktwits, only Zcash saw retail sentiment trending in the ‘extremely bullish’ zone over the past day.
Equities were set for a higher open, helped by a strong earnings beat from Oracle and easing oil prices. The uptick followed four consecutive losing sessions for major indexes.
Bitcoin has fallen roughly 5.5% over the past week to approximately $76,815, unable to clear the $80,000 mark that has capped its rallies since late August. Solana’s price dropped 5.2% over the same stretch, while XRP was the week’s worst performer among majors, down 9% to $1.32.
Ethereum’s price was also on track to finish the week lower, down 2.7%. Zcash, despite its tumble, was the only crypto major poised to end the week in the green with an 8.6% gain.
Traders currently see roughly a 70% probability that the Federal Reserve raises interest rates at its September 16 meeting, according to the CME FedWatch Tool. Friday’s CPI report is the last major inflation reading before next week’s Fed decision.
According to Fundstrat’s Tom Lee, a cooler reading could quickly reduce expectations for a September rate hike and give markets room to recover. He also believes that even if the Fed hikes rates, the markets are likely to rally since most of the bad news is already priced in.
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