Bitcoin’s struggle to break $80,000 comes as markets price in a growing chance of a September rate hike, putting monetary conditions back in focus.
Crypto fund flows are becoming increasingly sensitive to changes in the US interest-rate outlook, with CoinShares arguing that Federal Reserve policy remains a key barrier to Bitcoin (BTC) breaking above $80,000 despite continued investor demand for crypto.
In his latest market update, CoinShares head of research James Butterfil argued that “Bitcoin is trading like gold again, but the Fed still sets the ceiling” at around $80,000.
That sensitivity was evident after Fed Chair Kevin Warsh’s speech at Jackson Hole. Warsh said progress on inflation had been modest and that price pressures were not easing quickly enough to give the central bank’s policy makers the confidence inflation was returning to its 2% target. Roughly $100 million exited digital asset investment products immediately after the speech, as markets sharply increased the probability of a September rate hike.
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