CandleFocus Bitcoin volatile as August CPI report looms
2024-09-11
Author: Content Editor
Bitcoin's price experienced a 2% surge to reach $57,900, however, the rally paused ahead of the release of the August Consumer Price Index (CPI) data. The data is expected to influence the Federal Open Market Committee's decision on interest rates in the following week. The CPI report is projected to show a continued slowdown in inflation, which would be seen as a positive sign for the economy. Several Fed officials have suggested a need for a policy adjustment to support economic growth, leading investors to anticipate an interest rate cut at the upcoming FOMC meeting. However, unexpected inflation increases could catch financial markets, including cryptocurrencies, off guard and not justify rate cuts. Currently, most crypto assets are trading in the red, with Bitcoin and Ethereum both experiencing a 1% decline in the last 24 hours. Altcoins have also begun to pull back as the CPI report approaches.
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