Warsh Speaks, Bitcoin Tumbles Below $78K

The price of Bitcoin fell below $78,000 after a speech by Federal Reserve Chairman Kevin Warsh. In his address, Warsh reaffirmed the Fed's commitment to a 2% inflation target and noted that weak summer data on CPI and PCE do not yet indicate a significant improvement in the underlying trend.

The annual growth of the personal consumption expenditures index is 3.7%, and over the last six months, it is 4.1% on an annualized basis, according to Fed statistics.

Following the speech, traders revised their expectations for the Fed's September meeting, increasing the probability of a rate hike from 35.4% to 57%. The regulator's next meeting is scheduled for September 15-16.