Stocks closed deep in the red for a second day in a row on Monday as questions swirl over whether the US economy is in a recession following Friday’s unexpectedly weak jobs report. Investors are increasingly hopeful that will push Federal Reserve officials to come to their rescue with an emergency rate cut.

Emergency Fed rate cuts are rare and only used in severe market conditions. It is likely that the Fed’s rate cuts will have a significant impact on the crypto market. Historically, lower interest rates have led to increases in Bitcoin prices as traditional savings methods become less attractive.

Futures on the Secured Overnight Financing Rate (SOFR) and the Federal funds rate, which measure expectations of Federal Reserve monetary policy moves, on Monday priced in an inter-meeting interest rate cut.