Bitcoin Falls Below $79,000 After Topping $80,000 as Rate-Hike Fears Cool Rally

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Bitcoin slipped below $79,000 after climbing past $80,000 for the first time since May, as profit-taking and renewed concern over higher U.S. interest rates cooled the rally.

CoinDesk reported that Bitcoin was down about 1% on the day in Asian trading on Aug. 27, changing hands just below $79,000. As the recent surge lost steam, its weekly gain narrowed to 14% from 23% a day earlier.

A shift back toward a more hawkish U.S. rate outlook weighed on sentiment. Prices of short-term Treasuries fell as traders priced in higher odds of an increase in the benchmark rate. That weakened the support from lower yields that had helped Bitcoin rebound swiftly from below $68,000 last week.