Bitcoin below $77,000, Zcash leads losses as traders bet on a Fed rate hike

Cryptocurrency prices moved lower as market participants pushed bitcoin beneath the $77,000 mark. The largest crypto slipped more than 5% for the week, reflecting a notable pullback after recent gains.

The sell-off was broad-based: 95 of the 100 tokens in the CoinDesk 100 declined over the most recent 24-hour period. Among those, Zcash experienced the steepest losses, standing out as the worst performer during the drop.

Observers linked the weakening in digital assets to growing wagers that the Federal Reserve will raise interest rates. Traders’ expectations of tighter U.S. monetary policy were cited as a key factor putting downward pressure on crypto prices over the short term.

With losses widespread across the CoinDesk 100 and bitcoin posting a significant weekly decline, market participants are likely to continue watching signals about Fed policy and other macro developments that could influence risk appetite in crypto markets.