Bitcoin Slumps to $77,000 as Rate Hike Odds Near 70%
Bitcoin's price plummeted to around $77,000 on Friday morning as investors awaited the release of the August Consumer Price Index (CPI) data. The cryptocurrency had already dropped over 1% in the past 24 hours and 5% for the week.
The CPI numbers were released with a hike probability near 70%, according to the CME FedWatch tool, which was up from 59% a week ago and 48% a month ago. A quarter-point rate increase would push the target range to 375 to 400 basis points.
Other cryptocurrencies also suffered losses, with Zcash down nearly 10% and Hyperliquid falling 4%. XRP dropped about 3%, while Dogecoin, Solana, and Bitcoin each lost between 1-2%. In contrast, Ether, BNB, and Tron were relatively flat.
Tron was the only major cryptocurrency holding a weekly gain, up 3% against other losses. Brent crude oil prices slipped below $104 per barrel but remained nearly 8% higher since Monday.