Crypto Market Today, Sept. 8: Bitcoin Slides as Fed Hike Odds Pass 60%

Bitcoin dropped 0.9% to $78,475 on September 8 as Federal Reserve rate hike probability climbed above 60%, weighing on risk assets. The decline came alongside pressure from a Liquid Network hack that dampened crypto sentiment broadly.

IBIT, the iShares Bitcoin Trust, tracks spot bitcoin exposure and moves in tandem with the underlying asset. The macro backdrop—rising oil prices and hawkish Fed repricing—drove caution across digital assets. Ethereum slipped just 0.1%, supported by the Ethereum Foundation's quantum readiness announcement and institutional buying. Solana fell 0.6% amid the same rate concerns.

The sharp shift in Fed expectations marks a pivot from earlier dovish bets, with traders now pricing in tighter monetary policy that typically pressures non-yielding assets like bitcoin. The Liquid Network breach added technical overhead, though specifics on scale were limited.