Bitcoin Slips Below $79K as Fed Hike Odds Reach 60%
Crypto markets pulled back Tuesday as Zcash led a broad decline, though major tokens mostly held onto their weekly gains while traders watched the Fed.
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Key takeaways
- Bitcoin fell below $79,000 on Tuesday during a broader market retreat.
- Zcash led losses among major cryptocurrencies.
- Traders are pricing in a 60% chance of a Federal Reserve rate hike next week.
- Most major tokens are still holding onto gains made over the past week.
Bitcoin dropped back under $79,000 on Tuesday as a wave of selling hit the crypto market. Every major token took a step down. Zcash took the hardest hit.
Fed jitters hit the market
Expectations around the central bank are driving this slide. Markets now price in a 60% probability that the Federal Reserve raises interest rates next week. Tuesday's pullback hurts, but it hasn't erased the broader picture. Most top tokens are still hanging onto their weekly gains.
Why it matters
Higher interest rates squeeze speculative capital. When central banks lift borrowing costs, capital leaves risk assets for safer yields. Standard mechanics. A 60% probability means traders are already repositioning for a tighter Fed, but those green weekly charts show buyers haven't panicked. Not yet, anyway.
Source: CoinDesk
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Daniel Okoro
Daniel tracks crypto regulation and policy across the US, EU and Asia, with a decade in financial journalism.
