Bitcoin Tumbles Below $80K Amid US Market Volatility

Bitcoin's price has fallen below $80,000 amid growing concerns about inflation and interest rate hikes in the US market.

The inflation spike has pushed up the narrative of Bitcoin as a hedge against inflation, but this move appears less specific to cryptocurrencies and more related to macroeconomic factors.

Data from the CME Group FedWatch Tool shows that investors are pricing in a higher probability of interest rate hikes by January, which could lead to tighter liquidity and put pressure on risk assets like Bitcoin.