The biggest event in crypto since last night: Middle East energy corridor risks combined with expectations of a Fed rate hike, sending risk assets into a broad retreat. Brent crude rose over 3% to around $107 in early Asia-Pacific trading, while WTI neared $103; Oman postponed the Hormuz shipping meeting originally scheduled for the 14th, an explosion was reported in Sirik, Hormozgan Province, Iran, early this morning pending verification, and the Houthis said Saudi Arabia carried out 58 airstrikes on six provinces in Yemen over 24 hours. Saudi Arabia’s east-west oil pipeline was shut down after an attack, and global supply could fall by 4% if it is not restored within several days.
Crypto came under pressure: Bitcoin turned lower after rising, breaking below $77,000 to around $76,700, while more than 120,000 people were liquidated across the market over the past 24 hours; US stock futures also weakened, with Nasdaq futures down more than 1%. On the macro front, US August core CPI rose 0.3% month-on-month, above expectations, and traders raised the probability of a Fed rate hike this week to around 88%—90%, further suppressing risk appetite. $MU

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