In brief
- Bitcoin rebounds slightly to $109,300 after dipping below $109,000 late last night. It’s down 1.5% in 24 hours amid August inflation data showing 2.9% year-over-year increase in core inflation.
- Over $970 million in crypto futures contracts liquidated in past day, with $852 million being long positions betting on price increases.
- Some 69% of users now predict Bitcoin will fall to $105,000 before reaching $125,000, amid new Trump tariff announcements and Fed uncertainty.
Bitcoin gained slightly as the Bureau of Labor Statistics reported that inflation increased 2.7% year-over-year in August, coming in only a bit hotter than July’s 2.6% reading. Core consumer spending, which excludes volatile food and energy prices, shows that inflation has risen 2.9% compared to the same period last year.
“While this reinforces the Fed’s narrative of gradually easing price pressures, it still leaves policymakers balancing sticky inflation with signs of a softer labor market,” Fabian Dori, chief investment officer at Sygnum Bank, told Decrypt.
“For investors, the implications are twofold: If inflation trends lower, risk assets may find support from confidence in the Fed’s easing cycle; but any upside surprises in coming data could push back short-term rate cut expectations, weighing on equities and boosting the dollar,” he added.
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Author: Stacy Elliott
