Bitcoin Price Falls Below $78,000 Amid Rising Rate Hike Expectations

The price of Bitcoin has fallen by about 0.7% over the past 24 hours to around $77,800 on August 31, after another failed attempt to hold above $80,000.

This decline came as global markets priced in a higher chance of another Federal Reserve rate increase following Chair Kevin Warsh's speech at Jackson Hole on Friday.

Warsh stated that inflation remained too high and indicated further tightening could be needed to return inflation to the Fed's 2% target, causing the implied probability of a September rate increase to climb to about 57%.

The two-year US Treasury yield reached its highest level in more than a month, while Barclays revised its forecast to expect two 25-basis-point increases, in September and December.