Bitcoin Surges Almost 3% As US Inflation Data Signals Soft Landing, Boosting Rate Cut Bets
Bitcoin surged almost 3% following the release of US inflation data, signaling optimism for a soft landing in the economy and bolstering bets on a Federal Reserve rate cut this month. The latest US Consumer Price Index (CPI) data aligned with economists’ expectations, while core inflation slightly exceeded projections. That left analysts anticipating a 25 basis point rate cut in September rather than a more aggressive 50 basis points reduction. Bitcoin Rebounds From $55K To Reclaim $57K Support In response, Bitcoin surged more than 3.1% in the past 24 hours to trade at $58,283 as of 4.33 a.m. EST, while the broader crypto market saw its market capitalization climb 2.6% to $2.05 trillion. The first higher than expectation for Core CPI in 5 months. Last time it happened, $BTC had a big dip from 70k+ to 60k. Not sure how will it impact the market this time. With this core CPI data, high chance FED will only cut 25bps on Sep 18. Currently FED is fighting the 2 wars:… pi...