Bitcoin Holds Firm at $79,000 Amid Rate Hike Fears
Bitcoin's price has stabilized around $79,000 as cryptocurrency markets absorb stronger-than-expected US employment data and concerns about higher interest rates. The world's largest cryptocurrency was trading at approximately $78,950, a decline of about 1.4%, while Ethereum slipped to $2,483, down roughly 1%. Solana lost over 2% to around $103.60, with XRP down a similar amount at about $1.39.
The softer session follows the strong rebound seen in August, when Bitcoin gained around 24%, its best monthly performance since November 2024. However, traders are now watching the Federal Reserve closely after the US employment report showed payrolls rising by 162,000, substantially ahead of expectations.
Higher rates typically weigh on speculative assets by increasing returns available from government bonds and tightening financial conditions. Despite this shift, Bitcoin has shown relative resilience around $79,000. US spot Bitcoin exchange-traded funds have attracted over $770 million across the first four trading sessions of September, providing a potential source of support as macroeconomic conditions become less favourable.