India, Oct. 16 -- A sharp downward repricing in rate hike expectations from the Federal Reserve abetted a rebound in crypto markets, lifting Bitcoin to a 24-hour high of $82,539. The dollar's retreat as well as a decline in crude oil prices supported crypto market sentiment, lifting overall crypto market capitalization more than 1.5 percent in the past 24 hours.
The CME FedWatch tool that tracks the expectations of interest rate traders currently shows the likelihood of another quarter-percent rate hike in October at 14.9 percent versus 27.7 percent a day earlier and 17.7 percent a week earlier.
In respect of the December FOMC, expectations of a half percentage rate hike from the current level of 3.75-4.0 percent have decreased to 13.3 pe...