YEREVAN, September 1. /ARKA/. Bitcoin held above $78,000 on Tuesday after a 24% rise in August, marking the strongest month for the largest cryptocurrency since November 2024, according to CoinDesk.
According to the report, Bitcoin traded slightly above $78,400 during Asian trading hours. Over the last 24 hours, its price fluctuated between approximately $77,200 and $79,200.
In August, Bitcoin's value increased by 24%. Additional market support came from renewed purchases by Strategy, which last week bought Bitcoin worth approximately $370 million for the first time in two months.
Meanwhile, most major cryptocurrencies showed declines on Tuesday. Ether traded slightly above $2,440, losing about 1% in a day, while Solana fell about 1% to $104. Tron and Dogecoin decreased by about 2%.
An exception was the HYPE token, which rose about 4% to $84.
The dynamics of the cryptocurrency market are also influenced by expectations of further actions from the U.S. Federal Reserve. The yield on 10-year U.S. Treasury bonds rose to 4.78%, and the probability of a rate hike by the Fed at the meeting on September 16 is estimated by market participants at about 64%.
The increase in expectations for tightening monetary policy comes against a backdrop of rising oil prices. Brent's price increased by nearly 1% to about $91 per barrel.
Investor attention is also focused on the U.S. labor market report for August, which is expected to be published on Friday. It will be one of the last key macroeconomic indicators before the Fed's September meeting.
According to CoinDesk, U.S. spot Bitcoin ETFs attracted about $924 million over the previous nine trading sessions, but on Friday there was a recorded outflow of $202 million.
