BTC Slides Under $79K as Fed Tightening Expectations Soar

Bitcoin (BTC) struggled to maintain its momentum on Tuesday, falling below $79,000 as the market digested the latest employment figures from the US. The Federal Reserve rate hike probability climbed to approximately 60% following August's job additions of 162,000, significantly exceeding economist projections.

The robust employment data sent a signal that interest rates may rise soon, creating headwinds for risk assets like Bitcoin. The cryptocurrency has been unable to break above the $80,000 threshold for two consecutive weeks, despite maintaining approximately 25% gains from August levels.

Not all cryptocurrencies were affected equally, however. Dogecoin and BNB demonstrated resilience, with minimal declines of less than 1%. Zcash, on the other hand, experienced the steepest decline among major assets, falling nearly 5% to trade around $1,125.