Crypto
Bitcoin Price Plunges $1,000 After August CPI Data Release
The US Bureau of Labor Statistics released the Consumer Price Index (CPI) data for August, showing a 3.4% year-over-year increase in regular CPI and a 2.4% jump in core CPI. These numbers matched expectations to a large degree.
Bitcoin's price reacted by dropping around $1,000 immediately after the news went live, but quickly recovered to over $77,000 as of press time. This was not unexpected, given the recent inflation data releases.
The release of CPI data came just a day after the PPI report, which also showed persistent inflation. The US Federal Reserve will now be watching these numbers closely ahead of its next FOMC meeting on September 15-16, where interest rate decisions are expected to be made.