Cryptocurrencies decline as Bitcoin falls below $80,000

Prices of most cryptocurrencies declined during trading, as selling pressure intensified on major coins, while Bitcoin continued to trade below the $80,000 mark, and altcoins recorded steeper losses. Bitcoin fell 1.09% over the past 24 hours, trading at $78,303, continuing to hover near the $78,000 level amid a climate of volatility and caution in the market. Ethereum dropped 1.03% to $2,475.60, while Binance Coin suffered a larger loss of 4.57%, declining to $720.20. Ripple fell 3.41% to $1.3850, and Solana dropped 2.76% to $101.65. In contrast, Tron bucked the general trend, rising 0.26% to reach $0.3398. Stablecoins maintained their stability near usual levels, with Tether rising 0.01% to $1.0001, and USD Coin gaining 0.02% to $1.0003, while Lido Staked Ether declined 0.88% over the past 24 hours. The cryptocurrency market is operating under pressure from economic and geopolitical factors, including oil prices rising above $100 per barrel and U.S. Treasury yields climbing, which heightens inflation concerns and increases anticipation for upcoming inflation data. Markets are also awaiting the Federal Reserve’s decision and the Federal Reserve’s mid-September meeting, as trader expectations point to a potential interest rate hike, which could curb investor appetite for high-risk assets, particularly cryptocurrencies.