Bitcoin Rises as US Inflation Data Exceeds Expectations, Bond Yields Surge

BTC/USD surged over 3% after US inflation data showed core CPI increased by 0.3% in August, surpassing expectations of 0.2%. The Consumer Price Index (CPI) came in at 3.4% year-on-year.

The move echoed US equities, which also turned green after a weak start to the session. This was catalyzed by CPI conforming to expectations only a day after the Producer Price Index (PPI) overshot.

US bond yields saw snap volatility. On the back of the CPI print, the 30-year yield whipsawed, first reaching its highest levels since June 2004 before falling to 5.309%.