Bitcoin Defies Rate Hike Fears, Holds Near $80K

Bitcoin has held steady near $80,000 despite concerns about Federal Reserve rate hikes. On Monday, the largest cryptocurrency by market capitalization was trading at around $79,500, having retreated from its peak above $82,000 last week.

The U.S. jobs report on Friday showed 162,000 jobs were added in August, exceeding expectations of 55,000. This led to a rise in implied probability of a 25 bps Federal Reserve rate hike on Sept. 16 to around 60%, according to CME's FedWatch tool.

LMAX Group Market Strategist Joel Kruger noted that the crypto market has shown exceptional resilience despite being presented with reasons to correct. He pointed out that bitcoin has absorbed headwinds such as higher Treasury yields and rising oil prices without suffering significant technical damage.