Bitcoin trades near $84,490, down from the $87,397 high hit Monday, as traders price in higher odds of another Federal Reserve rate hike. CME’s FedWatch tool puts October rate-hike odds at roughly 75%, with December odds near 59%. Inflation remains the key driver: the Fed’s preferred Core PCE gauge stands at 3.4%, well above the 2% target. Crypto derivatives liquidations reached $348.33 million in 24 hours, with $270.89 million hitting long positions. Total crypto market capitalization sits at $2.93 trillion, down from the $3 trillion level touched last week, with the next major test coming at the Fed’s October 27-28 meeting.
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