Bitcoin Breaks $79,000 as US Core Inflation Hits 66-Month Low

The price of Bitcoin (BTC) surpassed $79,000 on September 11 after US core annual inflation data reached its lowest level in 66 months at 2.4%.

This move was prompted by a monthly reading of 0.3%, exceeding the anticipated 0.2% and increasing the likelihood of a Federal Reserve rate hike to 85% according to CME Group's FedWatch Tool data.

While some analysts, such as Crypto Patel, had predicted that a low core CPI figure would lead to higher Bitcoin prices, the actual reading created a more complex scenario with elevated rate hike expectations potentially weighing on the market.

Ethereum-focused ETFs saw significant inflows of $216 million, with BlackRock's ETHA capturing $149 million in capital. In contrast, Bitcoin spot ETFs experienced $13.29 million in withdrawals over four consecutive sessions.