Crypto
Bitcoin Hits $80K Wall Amid Cooling ETF Demand and Hawkish Fed
Bitcoin's recent 24% price increase in August has come to an end as it hit a wall at $80,000.
The cryptocurrency had been trading around $78,545 on August 31 after briefly climbing above $81,000 before failing to hold the psychologically important $80,000 level.
Several factors that contributed to August's rebound are now showing less favorable signals. Spot ETF demand has cooled down, available exchange supply has increased, and spot-market buying is also slowing down.
The Federal Reserve's hawkish stance, with a 60% probability of a rate increase in September, adds another obstacle for risk assets like Bitcoin.