Bitcoin Dips Below $79, Zcash Drops as Fed Hike Odds Near 60%, Gold Steady Ahead of US Inflation Data

Bitcoin fell below the $79,000 mark on Tuesday, continuing a two-day losing streak amid growing expectations of a Federal Reserve interest rate hike, with odds near 60%, according to CoinDesk. Zcash was among the hardest hit cryptocurrencies, leading losses in the market as traders digested the Fed’s tightening prospects.

Meanwhile, gold prices remained subdued below $4,450 as investors awaited key US inflation data that could influence the Federal Reserve’s next moves. The US Dollar retreated from a three-week high, pressured by a strengthening Japanese Yen during the Asian session, FX Street reported.

For Japanese investors, the rallying Yen against the US Dollar adds an additional layer of complexity in managing foreign currency exposure amid heightened volatility in crypto and precious metals markets.