Bitcoin Price Tumbles Below $84,000 as US Inflation Data Looms
The price of Bitcoin has dropped below $84,000 due to caution before the inflation data in the US. On Wednesday, the last day of the month and third quarter, Bitcoin is trading at $83,820 with a slight decline of 0.3% in 24 hours.
In real terms, the largest cryptocurrency is valued at R$ 437,857 according to Portal do Bitcoin data. Meanwhile, Ethereum has retreated by 0.7%, trading at $2,695, while XRP rose 0.7%, Solana increased by 0.2%, and BNB advanced 0.1%.
The key event of the day is the release of the Personal Consumption Expenditures (PCE) price index for August, which is a preferred inflation measure for the Federal Reserve. Market expectations are for a 0.4% monthly increase in the PCE core, exceeding July's 0.2%. The core indicator, excluding food and energy, is expected to rise by 0.3%, above the previous 0.2%
A stronger-than-expected reading could reinforce the expectation of higher interest rates for a longer period, putting pressure on risk assets like Bitcoin. Conversely, a weaker result might alleviate some of the recent pressure on Treasuries and favor a comeback in cryptocurrencies.