Bitcoin Falls Below $79,000 as Fed Rate Hike Bets Climb Near 60%

Bitcoin traded just under $78,600 on Tuesday, down more than 1% on the day, struggling once again to hold above the $80,000 mark despite still sitting on a modest weekly gain.

Zcash saw the steepest drop among large cap tokens, falling nearly 5% to around $1,125, though it remains up 33% for the week. Hyperliquid’s HYPE and Solana both erased their weekly gains, while Ether, XRP and Tron posted smaller declines. Dogecoin and BNB held up best, staying nearly flat on the day.

Bond Yields and Fed Bets Weigh on Sentiment

The pressure is coming from Treasury markets, where the 10-year yield remained near 4.8% after a stronger-than-expected jobs report. Traders now see roughly a 60% chance of a quarter-point Fed rate hike at next week’s meeting, a scenario few expected earlier this year.

Oil, Gold and Asian Markets Move in Focus

Brent crude held above $97 on easing Middle East tensions, while gold climbed past $4,430. Asian equities were mixed, with Korean and Japanese indexes rallying on AI-related chip demand.