Warsh's Hawkish Comments Send Bitcoin Below $78k Amid Iran Escalation

Bitcoin's price slipped below $78k on Monday as investors reacted to hawkish comments from Federal Reserve Chair Kevin Warsh and renewed military action between the U.S. and Iran.

The world's largest cryptocurrency fell 1.3% to $77,915.1 by 09:51 ET (13:51 GMT), hitting an intraday low of $77,000.0.

Warsh's comments at the Jackson Hole economic symposium on Friday suggested the central bank remains committed to its 2% annual inflation target, which was seen as a sign that interest rates may rise sooner rather than later.

Markets are now pricing in a 60.4% chance of a 25 basis point rate hike by September, according to data from CME Group.