Bitcoin has fallen below the $80,000 mark again amid mixed trading across the cryptocurrency market over the past 24 hours, APA-Economics reports.
According to CoinMarketCap, Bitcoin declined 0.52% over the past 24 hours to $79,621.90.
Ethereum fell 0.36% to $2,498.95, BNB dropped 2.51% to $745.61, Monero lost 4.40% to $532, while Bitcoin Cash declined 2.89% to $255.38.
Meanwhile, some cryptocurrencies posted sharp gains. Zcash surged 11.16% over the past 24 hours to $1,190.12, while Bittensor jumped 13.83% to $270.82.
Gold-backed cryptocurrencies also declined. PAX Gold (PAXG) fell 0.68% to $4,402.05, while Tether Gold (XAUT) dropped 0.60% to $4,399.87.
The CoinMarketCap 20 Index declined 0.39% over the past 24 hours to 164.61 points.
Pressure on Bitcoin has been linked to stronger-than-expected US labor market data released last week, which raised expectations that the Federal Reserve could increase interest rates in September. Market participants currently estimate the probability of a September rate hike at around 57%.
Investors are now focused on US inflation data due to be released this week.
The recent sharp rise in Zcash is reportedly being supported by broader institutional access to the asset and strong speculative demand.
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