The U.S. Federal Reserve is set to raise interest rates by 50 basis points at its September meeting, and crypto assets rose after weak housing transactions in July.
Analysts said the cryptocurrency composite was stronger on the back of weak U.S. real estate brokerages and a weaker U.S. dollar. Crypto-assets have started the week in turmoil thanks to the Federal Reserve’s economic symposium, which begins Thursday.
By then, Fed Chairman Jerome Powell is expected to speak at the Kansas Federal Reserve Bank’s Jackson Hole annual economic symposium on Friday, possibly hinting at the central bank’s thinking about future interest rates.