Bitcoin Holds Steady at $79K Amid Higher Rate Expectations
The cryptocurrency market took a breather on Tuesday as Bitcoin held steady around $79,000 despite stronger-than-expected US employment data and higher interest rate expectations.
The world's largest cryptocurrency was trading at approximately $78,950, down about 1.4%, while Ethereum slipped around 1% to $2,483. Solana lost over 2% to $103.60, with XRP also down by a similar amount at $1.39.
The softer session follows a strong rebound in August, when Bitcoin gained around 24%, its best monthly performance since November 2024.
Crypto traders are now keeping an eye on the Federal Reserve after the August US employment report showed payrolls rising by 162,000, ahead of expectations. This has increased uncertainty around the Fed's September meeting and raised the possibility of another rate increase, which typically weighs on speculative assets.