Bitcoin steady above $78,000, HYPE leads as majors slip on hawkish Fed bets
Bitcoin remains stable above $78,000 despite market volatility and hawkish Federal Reserve expectations. While some major cryptocurrencies saw slight declines, institutional demand through ETFs continues to influence market sentiment.
Why it matters
Cryptocurrency market movements are increasingly tied to macroeconomic indicators like U.S. Treasury yields and Federal Reserve interest rate policies.
August closed with a 24% gain, its strongest month since November 2024, and Strategy returned as a buyer last week with $370 million of bitcoin, its first purchases in about two months.
HYPE was the only real gainer among the large caps, up about 4% to near $84. Ether at just above $2,440 and solana near $104 each gave up about 1%, while XRP held just under $1.40 and BNB near $693.
Tron and dogecoin took the worst of it, both down roughly 2% to near 33 cents and 8 cents.
Hong Kong's Hang Seng fell about 1% to near 25,300 with Tencent and Meituan both off close to 3%. Japan's Nikkei slipped to 66,185 and South Korea's Kospi clawed out a small gain on a semiconductor rebound. Brent crude rose nearly 1% to about $91 a barrel after U.S. military action near the Strait of Hormuz over the weekend.
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