Crypto market sinks as Fed hike odds climb above 92%

The crypto market has lost more than 2% of its value, pushing Bitcoin below $76,000 as traders prepare for a likely Federal Reserve rate hike and a key Senate vote on the CLARITY Act. Summary The global crypto market capitalization fell more than 2% to about $2.6 trillion. Bitcoin dropped over 3% and traded below the $76,000 level. Fed futures placed the probability of a 25-basis-point rate increase above 92%. The Senate’s CLARITY Act cloture vote presents another source of uncertainty for traders. Crypto market loses $76,000 Bitcoin support Data from the crypto market showed widespread losses on Sept. 15, with the total value of digital assets falling to around $2.6 trillion as investors reduced risk before two major U.S. events. Bitcoin (BTC) dropped more than 3% and moved below $76,000 after failing to hold its earlier gains. Losses also spread across major altcoins, while U.S.-listed companies with direct exposure to crypto came under pressure. The decline accelerated as traders assessed the Federal Open Market Committee meeting scheduled for Sept. 15–16. Futures tied to the federal funds rate placed the probability of a 25-basis-point increase above 92%, making a hike the mark...