Bitcoin Below $79k as Traders Bet on Fed Rate Hike
Bitcoin's price eased to just under $79,000 on Thursday morning in Asian hours, falling nearly 1% from the previous day. This drop comes after a brief spike above $80,000 for the first time since May. XRP led the losses among major cryptocurrencies, dropping almost 3% to around $1.41.
Despite its decline, XRP still holds a 28% weekly gain, making it the leader in this regard. In contrast, Solana bucked the trend, rising nearly 4% to just above $101 and a 19% weekly gain. Ether added 1% to around $2,494, while BNB almost reached 1% at just under $703.
Rate expectations are shifting against the rally, with shorter-dated Treasuries falling overnight as traders increased their bets on a rate increase. This move goes against the lower-yield backdrop that lifted Bitcoin from below $68,000 last week.