Yo, US CPI just dropped and it’s hotter than expected.
August numbers came in at 3.4% year-over-year (they wanted 3.3%) and core was also a bit sticky at +0.3%. Biggest culprit? Gas prices jumped almost 4%.
Bitcoin took a quick hit down to 77k right after the print, then bounced back above 79k. Market kind of saw it coming, but that hotter core number just pushed the odds of a rate hike next week up to like 90%.
So short-term it’s a bit of pressure on crypto, but a lot of people think once the Fed actually does the hike on the 17th we could get a relief bounce toward 81k.
You leaning bullish or bearish going into the meeting?
#cpiwatch #bitcoin
August numbers came in at 3.4% year-over-year (they wanted 3.3%) and core was also a bit sticky at +0.3%. Biggest culprit? Gas prices jumped almost 4%.
Bitcoin took a quick hit down to 77k right after the print, then bounced back above 79k. Market kind of saw it coming, but that hotter core number just pushed the odds of a rate hike next week up to like 90%.
So short-term it’s a bit of pressure on crypto, but a lot of people think once the Fed actually does the hike on the 17th we could get a relief bounce toward 81k.
You leaning bullish or bearish going into the meeting?
#cpiwatch #bitcoin
