Bitcoin below $77,000, Zcash leads losses as traders bet on a Fed rate hike
Cryptocurrency markets saw a broad decline as traders braced for a potential Federal Reserve interest rate hike. Bitcoin fell toward technical support levels while other major tokens like Zcash and XRP experienced significant losses.
Why it matters
The correlation between rising interest rates and crypto volatility underscores how macroeconomic policy directly impacts digital asset valuations.
The CoinDesk 20 fell about 3%, nearly twice bitcoin's loss, and 95 of the CoinDesk 100 ended the session lower, according to CoinDesk data.
Traders spent Thursday repricing next week's Federal Reserve meeting toward an increase.
Zcash led the losses, dropping roughly 12% to about $1,134 and unwinding part of a run that still leaves it up about 34% on the week and nearly 145% over a month. Hyperliquid's HYPE fell roughly 7% to just under $79, stretching its weekly loss to about 10%. Dogecoin shed about 6% to 8 cents. XRP dropped about 3% to $1.34 and is down nearly 7% over seven days, while solana broke $100 to trade just under that level, off more than 3%.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in