Bitcoin price falls below $78,000

Major crypto assets have recorded declines over the past 24 hours, TodayPress TV reports.

According to CoinMarketCap, Bitcoin fell 2.63% over the past 24 hours to $77,621.18.

Ethereum declined 1.94% to $2,438.97, while BNB fell 2.70% to $690.04. Bitcoin Cash declined 6.77%, while Bittensor fell 3.70%. Zcash gained 1.30%, while Monero rose 1.43%.

Gold-backed cryptocurrencies also recorded declines. PAX Gold (PAXG) fell 2.44% over the past 24 hours to $4,461.17, while Tether Gold (XAUT) declined 2.40% to $4,458.11.

The total cryptocurrency market capitalization decreased 2.21% over the past 24 hours to $2.62 trillion.

The decline in the market intensified after US Federal Reserve Chair Kevin Warsh’s speech in Jackson Hole. Warsh emphasized that inflation remains high, increasing market expectations of a rate hike in September. As a result, the dollar and yields on US Treasury securities rose, increasing pressure on risk assets, including cryptocurrencies.

TodayPress TV