Bitcoin Falls Below $77K Amid Rising Rate Hike Expectations
Bitcoin's price fell below $77,000 on Thursday after traders increased bets on a Federal Reserve rate hike following elevated U.S. producer inflation.
The latest U.S. PPI report showed producer prices rising 5.4% year over year in August, reinforcing expectations that the Federal Reserve could keep monetary policy tighter than previously anticipated.
Interest-rate futures were pricing the probability of a September rate hike near 70%, up substantially from roughly a coin flip two weeks earlier.