Bitcoin
Crypto Markets Decline as Federal Reserve Meeting Minutes Signal Potential Rate Hike
Digital assets dropped across the board following signals that the Federal Reserve may continue tightening monetary policy before year-end.
Cryptocurrency markets experienced broad declines on Thursday, October 8, 2026, with Bitcoin slipping to $80,986, reflecting a 2.9% drop over 24 hours, a 3.7% weekly loss, and a 7.5% decline year-to-date. The asset's total market capitalization dropped to $1.62 trillion.
Major altcoins faced steeper downward pressure. Ethereum fell 5.3% on the day to $2,432, extending its weekly loss to 9.3% and year-to-date decline to 18%. XRP dropped 6.2% daily, Chainlink fell 7.9%, and Zcash declined 15.6% in 24 hours. Solana was priced at $108 and Dogecoin at $0.083, while dollar-pegged stablecoins USDT and USDC remained flat.
The market drop followed the release of minutes from the Federal Reserve's September 16 meeting, where policymakers raised the benchmark rate by 25 basis points to a range of 3.75% to 4.00%. The minutes indicated that most participants anticipate an additional rate hike before the end of the year depending on incoming data, challenging earlier expectations that the prior hike was an isolated move. Tim Sun, a researcher at HashKey Group, noted that a second hike would alter market interpretations of current monetary policy.
Macroeconomic pressures were further amplified by elevated oil prices linked to renewed tensions between the United States and Iran, which added to inflation expectations and reinforced Treasury yields, reducing the relative appeal of non-yielding risk assets against a stronger U.S. dollar.
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