Bitcoin sinks as CPI inflation hits 8.3%, shortening odds of 3rd consecutive 75 bps hike

The price of Bitcoin sank following the release of Consumer Price Index (CPI) data by the U.S. Bureau of Labor Statistics (BLS), showing a 0.1% increase in August, taking the unadjusted value to 8.3%. In response to last month’s BLS CPI report, released on August 10, Bitcoin closed the day up 5% to $24,050.

BTC has since been trending lower to form a local bottom at $18,700 on September 7. Since then, BTC has printed six consecutive daily green closes, with today’s price also trending higher ahead of the BLS announcement.Following the previous Federal Open Market Committee (FOMC) on July 27, the Fed enacted a 75 basis point interest rate hike in a bid to address mounting inflationary pressures.


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