Bitcoin and Ethereum Prices Slide Ahead of US CPI Data and ECB Rate Hike

The Bitcoin price has dropped to $79,599, down by 1.75% in a day, while Ethereum is trading at $2,455 after a 2.45% drop.

This decline comes ahead of the US CPI data release on September 11 and the potential rate hike by the European Central Bank (ECB) on September 10.

Data from MarketWatch suggests investors expect US inflation to remain unchanged at 3.4%, but a lower-than-expected reading could reduce the odds of the Federal Reserve trimming rates and make President Trump's argument for lowering rates stronger.

In contrast, there is a 100% chance that the ECB will hike rates by 25 basis points on September 10, which could push Bitcoin and Ethereum prices lower due to hawkish central bank decisions typically pushing investors away from risk assets.