Bitcoin Prices Slip Below $79,000 Amid Rising Rate Hopes and Oil Prices

Bitcoin's price slipped below $79,000 on September 8 as rising US interest rate expectations and oil prices weighed on sentiment. The cryptocurrency fell 0.95 percent to $78,920 in early trade amid shifting expectations for a possible rate hike.

Nischal Shetty, founder of WazirX, noted that while US equities started the session on a softer note, it's not yet a full risk-off environment. However, rising energy prices and inflation concerns could keep pressure on Bitcoin's price.

Riya Sehgal from Delta Exchange pointed out that despite the recent price weakness, institutional investment in Bitcoin ETFs remains strong. Last week, US spot Bitcoin ETFs attracted nearly $987 million in investments, while Ether ETFs added roughly $218 million.