Bitcoin Drops as Rate Hike Odds Hit 57% Amid Brainard Speech

Bitcoin's price dropped following a speech by Federal Reserve Governor Lael Brainard, where she hinted at further interest rate hikes. According to data from the CME Group, the probability of a 25-basis-point rate hike in December has increased to 57%. The latest development has raised concerns among investors about the potential impact on Bitcoin's price, which is currently trading below $80,000.

The speech by Lael Brainard came as a surprise to many market participants, who were expecting a more dovish tone from the Fed. However, Brainard emphasized that the central bank is committed to keeping inflation under control and that further rate hikes may be necessary to achieve this goal.