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.