Bitcoin fell to $77,379 on Friday after hitting a high of $81,281 earlier this week. Bitcoin exchange-traded funds recorded positive inflows for nine consecutive days, with over $3 billion in entries since August 17, according to Farside Investors data. The slowdown followed Federal Reserve Chair Kevin Warsh’s remarks that more work remains to combat inflation, reducing prospects for interest rate cuts in an environment unfavorable to bitcoin. Non-yielding assets like bitcoin benefited from the U.S. Treasury doubling its liquidity-support buyback operations last week. Investors are hedging against currency debasement as U.S. total debt crossed $40 trillion for the first time this month.
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