Bitcoin Slips Below $79K As Fed Rate Hike Odds Hit 60%

Bitcoin dipped below the $79,000 mark on Tuesday, leading a broad market pullback that affected nearly every major digital asset. Even with this recent slip, most tokens managed to hold onto their gains from the previous week.

Selling pressure hit privacy coin Zcash the hardest, registering the steepest losses during the session. The wider market retreat comes as traders price in a roughly 60 percent probability that the Federal Reserve will announce another rate hike next week.

Market participants are now watching macroeconomic data closely to see how central bank decisions might influence crypto prices in the near term. A potential rate increase could add more volatility to the market as traders adjust their positions.