Bitcoin retreats to 10-day lows below $76,500 amid US-Iran tensions and hawkish Fed commentary, dragging most altcoins lower.
Macro & Markets ·
Bitcoin declined to its lowest level in ten days below $76,500 after facing repeated rejection near $79,000, reversing earlier gains that had pushed the asset above $81,000. The pullback coincided with escalating military tensions between the US and Iran and a hawkish speech from the Federal Reserve Chair at Jackson Hole, which had already triggered a drop to $77,000 on Friday.
Most major altcoins have followed Bitcoin lower, with Ethereum sliding below $2,400 and XRP retreating further from $1.35. Bitcoin's dominance over the altcoin market declined slightly to 59.6%, while the total crypto market cap fell nearly 1% daily to $2.6 trillion.
A handful of assets have bucked the downturn: Uniswap surged nearly 10% to over $6.2, while mid- and lower-cap tokens FIL and BTW gained 14% and 13% respectively. It remains unclear whether the recent geopolitical and monetary headwinds will sustain the selling pressure or if markets will stabilize near current levels.