Bitcoin Drops Below $77,000 Amid Oil Price Surge and Rate-Hike Fears

Bitcoin dipped below $77,000 as market participants absorbed the impact of rising oil prices and expectations of a Federal Reserve rate hike. The price drop is also reflected in Coinbase's BTC Premium Index, which remains negative for a fifth consecutive day.

This indicates weaker US spot demand relative to offshore venues. Zcash led major-asset losses, with positioning intensifying as traders generated $11.557 million in short positions that yielded roughly $660,000.

The speed of downside conviction is evident in the DeFi sector, where a proposed revision to the CLARITY Act would focus oversight on operators of non-decentralized protocols, increasing compliance pressure where governance or control remains centralized.