In brief
- Bitcoin holds steady near $114,000 despite August inflation rising to 2.9%, outpacing July’s 0.2% increase.
- Odds of a 50 basis point Fed rate cut next week dropped from 12% to 9% following the hotter CPI data.
- Crypto analysts expect any market volatility from the inflation print to be short-lived ahead of next week’s FOMC meeting.
Bitcoin was flat this morning as new consumer price index data shows inflation rose 0.4% in August, outpacing the 0.2% rise in July.
At the time of writing, Bitcoin has been flirting with $114,000 as BTC ETF flows hit an 8-week high. The price of BTC has gained 0.3% in the past day, and is virtually unchanged over the past hour since the new BLS data was released.
The Bureau of Labor Statistics noted in its report that inflation over the past 12 months has increased to 2.9%—meaning it’s pulling away from the 2% target the Federal Reserve would like to see.
It doesn’t appear to be enough to have dashed hopes
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Author: Stacy Elliott
