BTC Retreats from Recent Highs Amid Fed Rate Hike Fears
BTC has retreated from its recent highs after failing to hold above $80,000, according to Cryptonews.net. The price of Bitcoin fell around 0.7% over the past 24 hours to approximately $77,800 on August 31.
The decline in Bitcoin's price comes as global markets adjusted to a higher chance of another Federal Reserve rate increase following Chair Kevin Warsh’s speech at Jackson Hole on Friday. The implied probability of a September rate increase climbed to about 57%, and the two-year US Treasury yield reached its highest level in over a month.
The revised forecast from Barclays, which now expects two 25-basis-point increases in September and December, weighed heavily on other risk assets, including Asian equities and US and European stock futures. The conflict between the US and Iran also added to the selling pressure over the weekend.