LIT
−9.9%Bitcoin rises above $85,000 on softer-than-expected August inflation data
Image: Bitcoin MagazineBitcoin rose above $85,000 per CoinGecko data, posting a 1.8% gain at the time of reporting. The move followed August personal consumption expenditures inflation data that came in at 3.4% year-over-year, below the 3.7% analyst forecast. Softer inflation reduced odds of an October Federal Reserve rate hike, which fell from roughly 70% to below 50% after the report. Around $50 million in Bitcoin positions were liquidated in the prior hour, with short positions accounting for most of the wipeout.
Key points
- Bitcoin rose above $85,000 following softer-than-expected August PCE inflation data
- The inflation report reduced the perceived odds of an October Federal Reserve rate hike
- The Federal Reserve had raised interest rates in September before the inflation data release
Why it matters
Reduced odds of a near-term Fed rate hike support risk assets including Bitcoin, which has historically performed better in lower interest rate environments.
Price context · BTC
At publication
$84,278.00
Now
$83,986.00
Change since
−0.35%
7 days · dashed line = publication
Sources · 2 publishers
Bitcoin Magazine
Tier 1
Bitcoin’s Price Jumps Above $85,000 on Lighter-Than-Expected Inflation Data
Coverage timeline
- First reported by U.Today
- Confirmed by Bitcoin Magazine
- CryptoVideos brief published
How this brief was made. Our system found this event in 2 independent publications, summarised two complete reports with AI and checked every number above against the source text. Sources are linked in full. Not financial advice. Report an error
