Bitcoin slipped below $77,000 as a broad selloff swept through the digital asset market, with 95 of the 100 tokens tracked by the CoinDesk 100 index posting losses over the past 24 hours. The downturn came as traders repositioned around growing expectations that the Federal Reserve could tighten monetary policy.
Market-Wide Retreat
The decline was notably widespread, sparing only a handful of assets across the CoinDesk 100. Bitcoin, the sector's bellwether, has now given up more than 5% over the past week, dragging much of the market lower with it.
Zcash led the losses among major tokens, underperforming the broader field during the pullback. The privacy-focused coin's steep drop underscored how quickly sentiment soured across the space as risk appetite faded.
When nearly the entire market moves in lockstep, it signals a macro story rather than a coin-specific one.
Rate Hike Bets Weigh on Sentiment
The selling pressure coincided with traders increasingly wagering on the possibility of a Federal Reserve rate hike. Higher interest rates typically dampen enthusiasm for risk assets like cryptocurrencies, as investors reassess the appeal of holding volatile, non-yielding tokens.
Crypto markets remain highly sensitive to shifts in monetary policy expectations, and the latest repositioning reflects that dynamic. As the odds of tighter policy climbed, capital rotated away from digital assets.
Key takeaways from the session:
- Bitcoin fell under $77,000 and is down more than 5% on the week
- 95 of the CoinDesk 100 tokens declined over 24 hours
- Zcash paced the losses among the largest movers
- Fed rate hike expectations pressured risk sentiment across the board
The breadth of the decline suggests traders are bracing for a more hawkish macro backdrop, leaving the market vulnerable to further volatility should policy expectations continue to shift.