TLDR
- Bitcoin fell to around $78,400 on Tuesday, down over 1% on the day but holding weekly gains
- A stronger-than-expected U.S. jobs report of 162,000 August jobs pushed Fed rate hike odds to roughly 60%
- Zcash led losses among large caps, dropping nearly 5%, while Dogecoin and BNB held up best
- Brent crude climbed to around $97.50, a six-week high, on U.S.-Iran tensions and Strait of Hormuz concerns
- U.S. spot Bitcoin ETFs recorded about $1 billion in inflows last week, extending a three-week positive streak
Bitcoin slipped to around $78,400 on Tuesday, dropping more than 1% on the day. The world’s largest cryptocurrency has now spent two weeks failing to close above $80,000.
It briefly touched above $82,000 last week before pulling back after Friday’s U.S. jobs report. Despite the dip, Bitcoin is still up roughly 25% from August and holding a small weekly gain.
Most other major cryptocurrencies also fell on Tuesday. Zcash took the hardest hit, sliding nearly 5% to around $1,125. It still holds a 33% weekly gain, the best among large caps.
Solana dropped over 2% to just above $103, erasing its entire weekly gain. Hyperliquid’s HYPE fell more than 3% to about $84, also wiping out its weekly advance.
Ether slipped about 1% to just under $2,482. XRP eased to around $1.38 and Tron barely moved at roughly 33 cents.
Dogecoin and BNB held up best, each down only a fraction of a percent. Both kept strong seven-day gains of nearly 9% and more than 7% respectively.
Fed Rate Hike Odds Apply Pressure
The main driver behind Tuesday’s crypto decline was the August jobs report. U.S. employers added 162,000 jobs, nearly three times what economists had forecast. The unemployment rate held at 4.1%.
💥BREAKING: Odds of a FED rate hike next week climb to almost 60%.
This is bearish for Bitcoin & risk assets… 🚨 pic.twitter.com/9dac1LX5V6
— Marcus Frederick Nero (@Marcus_F_Nero) September 8, 2026
That data pushed the market-implied probability of a 25-basis-point Fed rate hike at the September 16 meeting to around 60%, according to CME FedWatch.
Higher interest rates tend to pressure Bitcoin and other risk assets. They make yield-bearing investments more attractive and tighten financial conditions overall. The 10-year Treasury yield held near 4.8%.
Traders are now watching Thursday’s producer price index and Friday’s consumer price index. A hot inflation reading could push Fed hike odds toward two-thirds, which would put Bitcoin’s $77,000 support level in play.
Oil Adds to Inflation Worries
Brent crude climbed to around $97.50 a barrel, a six-week high. U.S.-Iran tensions are driving the move, with concerns growing over shipping disruptions through the Strait of Hormuz.
Higher oil prices keep inflation concerns alive heading into Friday’s CPI report, adding another headwind for crypto markets.
On the positive side, U.S. spot Bitcoin ETFs pulled in about $1 billion in inflows last week, extending a three-week streak of positive flows. That buying has helped support prices during the pullback.
One market analyst noted that long-term holders flipped to net buyers in late August for the first time during this move, a change in behavior that some traders are watching closely.
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