Bitcoin Slips Below $80,000 Amid Hawkish Remarks

Bitcoin dropped below $80,000 after US Federal Reserve Chair Kevin Warsh pledged to bring inflation back under control. This move pushed short-term Treasury yields higher and cooled some of the week's risk-on momentum.

The probability of a rate hike rose to 57% from 30% before Warsh's speech in Wyoming, according to CME FedWatch data. Bitcoin fell as much as 4% to $76,871 and was little changed for the week after gaining 23% in the previous week.

Bitcoin remains down about 40% from its all-time high of around $126,000 reached last October. Over the past 24 hours, Bitcoin was up 0.77%, while Ethereum fell 0.38% to around $2,447.