Bitcoin falls to $68,500 as Fed signals rate hike, ETF outflows hit $1.49 billion

Bitcoin declined to approximately $68,500 on Friday, reaching its lowest price in 12 weeks as renewed concerns over US inflation and significant investor withdrawals pressured the market. The fall erased much of Bitcoin’s late-summer gains and intensified the ongoing correction across cryptocurrencies. Futures markets are now pricing in a 91.9% probability of a 0.25 percentage point Federal Reserve rate increase in December, with a smaller chance of a larger move. This shift in sentiment followed comments from several Fed officials and higher-than-expected inflation data. Chicago Fed President Austan Goolsbee cautioned that inflationary pressures are broadening, pointing to increasing services and medical costs, as well as rising demand from artificial intelligence data centers.

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