Bitcoin Tumbles Below $79,000 Amid Tightening Fed Expectations

Bitcoin's price dropped below $79,000 on Tuesday as strong U.S. employment data led to renewed expectations of tighter Federal Reserve policy.

This comes amidst escalating U.S., Iran tensions and higher oil prices, which are adding to inflation concerns ahead of this week's U.S. inflation data.

According to CoinMarketCap, the global crypto market capitalization edged down 0.99% to $2.67 trillion.

Nischal Shetty, founder of WazirX, noted that oil prices have moved above $92 and could keep inflation and Fed expectations elevated, making it crucial for Bitcoin's next move to depend less on today's modest equity weakness and more on whether rising energy prices translate into tighter liquidity expectations.