Crypto Would Win from Surprise Rate Hold — Market Talk

Cryptocurrencies could be big winners from a surprise Federal Reserve rate hold later this week, IG's Chris Beauchamp writes. The Fed is widely expected to raise rates Wednesday, with the market pricing a close to 90% likelihood of a quarter-point rise, according to LSEG. However, bitcoin and other digital currencies would likely rally if Fed chair Kevin Warsh manages an about-turn, Beauchamp says. A surprise hold would spur a rout in the dollar, which could in turn push bitcoin to challenge the $81,000 mark. Despite the expected hike, enthusiasm for crypto remains intact, the analyst says. Bitcoin rises 1.3% to $77,946.13.([email protected])