Altcoin Market Rebounds on CPI Print, Hike Bets Near 90%

Friday's Consumer Price Index (CPI) release in the US provided some relief to the altcoin market, which rebounded after the data arrived roughly in line with economists' forecasts.

The August CPI print showed a 0.4% increase for the month and 3.4% year-over-year, both in line with the Dow Jones consensus.

However, core CPI, which strips out food and energy prices, rose 0.3% on the month against a 0.2% forecast, lifting hike bets to close to 90%, according to CME Group's FedWatch tool.

The rebound in altcoins looks contradictory at first glance, but it reflects resolved uncertainty rather than any signal that the Fed is about to ease.

Energy prices did the damage in the August print, with gasoline jumping 3.9% and accounting for more than a third of the monthly increase.