[Market] Cryptocurrency market rises across the board on 'big cut' outlook… XRP, Dogecoin, etc.

Crypto assets (cryptocurrencies) market is showing strength. As expectations for a big cut spurred a broad rally in the U.S. stock market, investor sentiment toward crypto assets also appears to have strengthened.

As of 7:06 a.m. on the 9th (Korean time), according to CoinMarketCap, Bitcoin (BTC) is trading at $112,370, up 1.18% from the previous day.

Most altcoins are also on the rise. XRP(XRP) was up 4% from the previous day, and Solana(SOL) also rose 5%. In addition, Dogecoin(+8.02%), Ada(+4.34%), Hyperliquid(+7.69%), Chainlink(+3.81%), Stellar Lumens(+5.22%) and others are also surging.

The reason most crypto assets are rising today is cited as expectations for a big cut by the Federal Reserve (Fed). As Wall Street banks increased expectations for a 0.5%-point rate cut, U.S. stocks rose, strengthening buying interest in crypto assets, which are similarly risk assets.

The market now views a rate cut at the September Federal Open Market Committee (FOMC) meeting as virtually certain. Furthermore, expectations for a 'big cut' of 0.5%-point are also growing. According to the CME FedWatch tool, as of today the probability that the Fed will cut rates by 0.25%-point in September is 89.4%, and the probability of a 0.50%-point cut is 10.6%.

On the New York stock market today, the Dow rose 0.25%, the S&P500 rose 0.21%, and the Nasdaq rose 0.45%. In particular, the Nasdaq hit a record high.