Bitcoin dips below $79,000 as Zcash leads losses amid Fed hike expectations

On Tuesday, the cryptocurrency market experienced a broad decline, with Bitcoin slipping below the $79,000 mark. Despite the overall downturn, most tokens have maintained their weekly gains. The market sentiment appears to be influenced by the Federal Reserve's upcoming decision on interest rates, with traders assigning approximately a 60% probability to a rate hike next week.

Among the tokens, Zcash (ZEC) led the losses, reflecting increased caution among investors amid the prevailing uncertainty about monetary policy. The anticipation of a rate increase has contributed to volatility across the crypto space, as market participants reassess risk and liquidity conditions.

The broader market dynamics suggest that while short-term fluctuations are common, the overall trend remains influenced by macroeconomic factors, including central bank policies and inflation concerns. The market's response to these developments continues to be closely watched by traders and analysts alike.