Bitcoin Dips Below $79,000 Then Recovers as Zcash ETF Pulls In $500 Million Amid Fed Rate-Hike Bets
Bitcoin slipped below Bitcoin slips under $79,000, Zcash leads losses as Fed hike odds hold near 60%.
falling Polkadot rose 16.7% on the day and 42.5% on the week, with Cosmos Hub, Decred and Ethereum Classic all up more than 8%, while bitcoin ended the first U.S. session since Labor Day down 0.83% at $78,539.
to Polkadot rose 16.7% on the day and 42.5% on the week, with Cosmos Hub, Decred and Ethereum Classic all up more than 8%, while bitcoin ended the first U.S. session since Labor Day down 0.83% at $78,539.
in its first U.S. session since Labor Day, according to The Defiant. Zcash led losses among major tokens during the pullback, CoinDesk reported.
Bitcoin later recovered toward $79,000, and Zcash’s exchange-traded fund recorded a Bitcoin recovers toward $79,000 as Zcash records a $500 million ETF haul.
haul, according to CoinDesk.
Decrypt reported that bitcoin is defending its “golden zone” support while the S&P 500 trades inside its tightest range yet, with markets awaiting Friday’s inflation report ahead of the Federal Reserve’s September 16 rate decision.
Polymarket traders raised the odds of a quarter-point Fed rate increase next week, The Defiant reported, while CoinDesk put the odds of a hike near Bitcoin slips under $79,000, Zcash leads losses as Fed hike odds hold near 60%.
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The Defiant also reported a rotation into older layer-1 tokens: Polkadot rose Polkadot rose 16.7% on the day and 42.5% on the week, with Cosmos Hub, Decred and Ethereum Classic all up more than 8%, while bitcoin ended the first U.S. session since Labor Day down 0.83% at $78,539.
on the day and Polkadot rose 16.7% on the day and 42.5% on the week, with Cosmos Hub, Decred and Ethereum Classic all up more than 8%, while bitcoin ended the first U.S. session since Labor Day down 0.83% at $78,539.
on the week, while Cosmos Hub, Decred and Ethereum Classic each gained more than Polkadot rose 16.7% on the day and 42.5% on the week, with Cosmos Hub, Decred and Ethereum Classic all up more than 8%, while bitcoin ended the first U.S. session since Labor Day down 0.83% at $78,539.
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Sources: CoinDesk, Decrypt, The Defiant
This article is for information only and is not financial advice.
What the market did
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