Bitcoin Holds Firm at $79,000 Despite Rising Rate Hike Odds

Bitcoin continues to trade around the $79,000 mark today. This comes after new payroll data revealed job growth came in three times higher than analysts expected. The strong labor market numbers have pushed the probability of a September interest rate hike up to 58 percent.

Usually, news of a potential rate hike hurts risk assets like stocks and crypto. While equity markets sold off following the report, Bitcoin has managed to stay stable. This resilience suggests that some investors are currently viewing the leading cryptocurrency as a defensive position against shifting economic data.

Meanwhile, Zcash is catching eyes with a 45 percent rally over the past week. Traders should keep an eye on how Bitcoin reacts if the pressure from interest rate expectations continues to climb in the coming days. The market remains sensitive to any new comments from the Federal Reserve regarding future policy.