Bitcoin falls below $79K as rate fears rise

• Bitcoin (CRYPTO:BTC) fell below $79,000 as traders priced higher odds of a US rate hike.
• Zcash (CRYPTO:ZEC) led major losses, dropping nearly 5% despite a 33% weekly gain.
• Markets now see about a 60% chance of a quarter-point Federal Reserve rate increase next week.

Bitcoin (CRYPTO:BTC) fell below $79,000 on Tuesday as major cryptocurrencies moved lower.

Bitcoin traded near $78,800, down more than 1% for the day while holding a small weekly gain.

Traders now price about a 60% chance of a quarter-point US rate hike next week.

Zcash (CRYPTO:ZEC) led losses among major tokens, falling nearly 5% to about $1,125.

Ethereum (CRYPTO:ETH) fell 1% to below $2,482, while Solana (CRYPTO:SOL) dropped more than 2% to about $103.

Higher Treasury yields have pressured crypto markets after stronger-than-expected August payroll data boosted rate hike expectations.

Thursday’s producer price report and Friday’s consumer price report could shift rate expectations before the Federal Reserve meeting.

At the time of reporting, Bitcoin price was $78,916.97.