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Bitcoin slips under $79,000, Zcash leads losses as Fed hike odds hold near 60%

Bitcoin slips under $79,000, Zcash leads losses as Fed hike odds hold near 60%

CryptoNewsNetCryptoNewsNet2026/09/08 05:12
By:CryptoNewsNet
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Bitcoin slips under $79,000, Zcash leads losses as Fed hike odds hold near 60%

Bitcoin slips under $79,000, Zcash leads losses as Fed hike odds hold near 60% image 0  coindesk.com 5 m
Bitcoin slips under $79,000, Zcash leads losses as Fed hike odds hold near 60% image 1

Bitcoin changed hands just under $78,800 on Tuesday, down more than 1% on the day and clinging to a small weekly gain, CoinDesk data show.

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%.

Treasury yields are doing the pressuring. The 10-year note held near 4.8% after August payrolls landed at 162,000 against forecasts near 53,000. Traders now price roughly a 60% chance the Fed lifts rates by a quarter point at next week's meeting, an outcome that was close to unthinkable in the spring.

The dollar index eased to just under 99 for a second session as yen buyers positioned for Bank of Japan tightening, and gold pushed above $4,430.

"Crypto has absorbed these headwinds without suffering meaningful technical damage," said Joel Kruger, market strategist at LMAX Group, in an email.

Brent crude held above $97, a six-week high, after Iran said a deal with Oman to manage Strait of Hormuz shipping was near completion, capping a weekend of U.S. and Iranian strikes on vessels and military assets. Expensive crude keeps the inflation impulse alive into Friday's consumer price report.

Yusuf Fakhro, partner at ARP Digital, said that on options desks "the persistent fear that defined the entire bear phase has drained out," with long-term holders flipping to net buyers in late August for the first time in the move.

Thursday's producer price index and Friday's CPI are the last inflation reads before the Fed meets. A hot core print pushes hike odds toward two-thirds and puts bitcoin's $77,000 range floor directly in play.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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