Bitcoin Price Drops Amid Shift in Fed Policy Expectations
The Bitcoin price has dropped to $77,080.90, down 0.65% over the past 24 hours, as traders react to a shift in Federal Reserve policy expectations.
August inflation data showed CPI rose 3.4% over the year and core prices increased by 2.4%, leading to higher odds of a hawkish outcome at the Fed's September 15-16 meeting.
The CME FedWatch Tool shows rate odds near 87.3%, which tends to hurt assets with no yield, including Bitcoin.