Bitcoin Climbs Amid Cooler Inflation Data and High Bond Yields
- August core PCE increased by 3.0% year over year, below the expected 3.3%.
- Bitcoin surged above $85,000, peaking at $85,598.94 before settling at $84,376.
- Traders on Myriad predict only a 7% chance of Bitcoin surpassing its all-time high of $126,199 before 2027.
- The total market capitalization of the crypto ecosystem is just below $3 trillion.
- The FedWatch tool indicates a 62% chance that the Federal Reserve will hold rates steady in October.
Recent inflation data showed cooler than expected figures for August, with core PCE rising by only 3.0%. This led to a surge in Bitcoin prices above $85,000, although it later settled slightly lower.
Despite this price movement, traders remain skeptical about Bitcoin reaching its previous all-time high soon, with only a 7% probability predicted for this achievement before 2027. (Source)
