Bitcoin Hangs at $79K as Fed and ECB Rate Hikes Loom
Bitcoin's price has been hovering around $79,600 as markets await the Federal Reserve's September 16 decision on interest rate hikes. The probability of a rate hike is about 50% after cautious Fed signals.
The European Central Bank may also raise rates mid-September due to rising energy prices, which could make interest-bearing assets more attractive and reduce demand for non-yielding assets like Bitcoin.
Despite volatility and Bitcoin trading about 37% below its 2025 peak, strong inflows into Bitcoin ETFs are supporting the price amid macroeconomic uncertainties.