Bitcoin remained above $77,000 Wednesday as traders stuck with expectations for a September Fed rate hike despite a weaker private hiring report.
ADP said private employers added 38,000 jobs in August, below July’s 44,000. Traders nevertheless continued to favor a hike at the Sept. 15-16 meeting. Expectations for tighter policy strengthened after Kevin Warsh’s Jackson Hole speech, while inflation data and Friday’s US jobs report could determine whether those bets hold.
Bitcoin traded around $77,000, down about 1% over the past day and nearly 2% over the week, per CoinGecko. Ether fell to around $2,400, while XRP slipped to about $1.33. Solana traded near $99 after falling about 2%, though it remained higher on the week. BNB was little changed at $686.
The overall crypto market was worth about $2.7 trillion, down nearly 2%, with Bitcoin accounting for roughly 58%.
Higher Treasury yields continued to weigh on risk assets. The 10-year yield reached its highest level since early 2025, while the 30-year yield also remained elevated. Japanese bond yields climbed as well.
US stocks declined while gold gained, adding to a defensive tone across markets. Bitcoin has also seen softer accumulation as its price pulled back from around $81,000.
Glassnode’s Accumulation Trend Score showed a reading of 0.64 across all investor cohorts, indicating that holders ranging from small investors to whales are still accumulating Bitcoin. The pace, however, has slowed after three months of particularly strong summer buying, led in part by retail investors accumulating around $60,000.