Bitcoin’s Price Fluctuates Amid Inflation Data and Bond Yields
- Bitcoin rose by 0.4% to over $83,700 during Thursday’s Asian morning hours.
- A recent U.S. inflation report saw Bitcoin peak at $85,500 on Wednesday.
- Treasury yields remain near their highest levels since 2002, impacting market sentiment.
- HYPE led the major cryptocurrencies with a gain of about 3%, reaching approximately $89.
- Dogecoin (DOGE) increased nearly by 2%, nearing the $0.10 mark.
- August’s PCE report indicated a year-over-year inflation increase of just 3.4%.
The cooling inflation indicated by the PCE report has reduced expectations for a Federal Reserve rate hike in October, making December more likely for any adjustments. This shift allowed investors to feel more confident in purchasing risk assets like Bitcoin.
Currently, Bitcoin is trading above $83,700 after peaking at $85,500 earlier this week amid changing economic indicators and market conditions.(Source)
