Bitcoin Prices Stabilize Near $77,000 Amid Rising Interest Rate Hikes Expectations

Bitcoin prices have stabilized near $77,000 after experiencing a five-day losing streak, but the crypto market remains under pressure due to rising expectations of interest rate hikes by central banks.

The Federal Reserve minutes hinted at future rate hikes, with a majority of Federal Open Market Committee participants believing that interest rate hikes 'would likely become appropriate' if inflation were to persist above the central bank's 2% target.

Against this backdrop, cryptocurrency prices have been under pressure, with some analysts attributing it to weak institutional interest and thin average daily volumes.