Bitcoin Crumbles Below $80,000 Amid Oil Price Surge and Rate Hike Fears
Bitcoin has fallen for four consecutive trading days, dropping below $80,000 as surging oil prices and concerns over rising US interest rates put pressure on global risky assets. The price of Bitcoin fell by more than 4% from $88,850 on the 6th to $76,568 on the 10th, according to CoinMarketCap.
The recent weakness in Bitcoin is attributed to growing concerns over the US Federal Reserve's interest rate hike, driven by rising producer prices and international oil prices. The producer price index (PPI) in August rose 0.4% month-on-month and 5.4% year-on-year, exceeding market expectations.
The supply and demand of spot ETFs in Bitcoin also contributed to the decline in its price. Spot bitcoin ETFs listed in the US recorded net outflows for two consecutive days from the 9th, with a combined net outflow of $166.8 million for the two days.