Bitcoin Price Drops as Fed Raises Rate Hike Probability

Bitcoin's price has fallen about 0.7% over the past 24 hours to around $77,800 on August 31.

The decline comes after a failed attempt to hold above $80,000 and follows a speech by Federal Reserve Chair Kevin Warsh at Jackson Hole on Friday.

Warsh said inflation remains too high and indicated that further tightening could be needed to return inflation to the Fed's 2% target.

The implied probability of a September rate increase climbed to about 57%, while the two-year US Treasury yield reached its highest level in over a month.

Higher yields weighed on other risk assets, with Asian equities falling and US and European stock futures trading lower.