Traders on the Chicago Mercantile Exchange changed their outlook on the Federal Reserve's next interest rate decision dramatically overnight. Speculation is mounting the central bank may raise the official U.S. interest rate by a full percentage point for the first time since the early 1990s, reflecting the growing unease among traders and policymakers about unrelenting inflation. Just a month ago, traders were almost fully pricing in 50 basis points.
The number of outstanding futures and perpetual contracts on bitcoin rises to a record, and traders are paying up to bet on further price declines – in a market that's already bearish.
The latest price moves in bitcoin (BTC) and crypto markets in context for August 24, 2022. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.