Bitcoin slips under $79,000, Zcash leads losses as Fed hike odds hold near 60%
Cryptocurrencies saw a decline as Bitcoin slipped below $79,000 and Zcash led losses amid rising U.S. Treasury yields. Investors are bracing for a potential Federal Reserve rate hike next week.
Why it matters
The correlation between traditional macroeconomic indicators like Treasury yields and crypto asset performance is increasingly significant for global investors.
The token has now spent a fortnight failing to close above $80,000 without surrendering the August rally that got it there.
Zcash took the sharpest hit, sliding nearly 5% to roughly $1,125 after a run that still leaves it up 33% over seven days, the widest weekly gain among large caps. Hyperliquid's HYPE shed more than 3% to about $84 and solana dropped over 2% to just above $103, both erasing their entire weekly advance.
Ether slipped 1% to just under $2,482, XRP eased to $1.39 and tron barely moved at roughly 33 cents. Dogecoin and BNB held up best, each down a fraction of a percent while keeping the strongest seven-day gains outside zcash, up nearly 9% and more than 7%.
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