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Wall Street, Cryptos Tumble on Rate Hike Fears

On Thursday, both stock markets and cryptocurrencies experienced significant drops due to concerns over impending rate hikes. The Dow Jones Industrial Average declined by 1.5%, while Bitcoin stumbled to $30,600. These drops were caused by robust labor market data and anticipations of the United States Federal Reserve's monetary tightening.

The market now predicts a near 92.4% chance of a quarter-point hike at the Fed's next meeting on July 26, and traders are factoring in a 75% chance of three additional rate hikes by year's end. These predictions have far-reaching implications for both traditional markets and the crypto market.

Bitcoin Bitcoin $98,210.18
-0.25%
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    1.Fed Governor Bowman: Be cautious about rate cuts

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