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Bitcoin slips below $79,000 as traders price in a potential Fed hike
XRP fell the most among major tokens, down almost 3% to just above $1.41, even as it still led the group with a 28% weekly gain.
Bitcoin slipped below $79,000 after briefly topping $80,000, with the broader crypto complex turning mixed as traders leaned toward a Federal Reserve interest rate increase. Ether and several large tokens also cooled, while Solana bucked the move.
Rising rate expectations were cited as a headwind for the rally. CoinDesk noted that shorter-dated Treasuries fell overnight as traders added to bets on higher rates, a shift that cut against the lower-yield environment that had helped bitcoin rebound from below $68,000 last week.
The setup for bitcoin remains tied to a key technical level, according to CoinDesk. Analysts said a break above bitcoin’s May high near $82,820 could clear the way toward $100,000, while falling open interest suggested more short covering than broad new buying.
Among the majors, CoinDesk reported that XRP underperformed, dropping almost 3% to just above $1.41 while still holding a 28% weekly gain. Solana was an exception, rising almost 4% to just above $101, while weekly gains across tokens have narrowed as the market moves past last week’s surge.
Latest closeBitcoin $77,087.06 ▼1.5%|Solana $99.43 ▼2.1%|XRP $1.352 ▼3.0%