Crypto
Bitcoin Soars Above $85,000 as Inflation Report Dampens Rate Hike Odds
Bitcoin has surged above $85,000 after a surprisingly soft inflation report. The Personal Consumption Expenditures Price Index increased 3.4% year over year in August, lower than the expected 3.7%. This has led to plunging rate hike odds, with CME FedWatch pricing showing a probability drop from 70% to 51.5%
New York Fed President John Williams said there was “no need for urgency” when it comes to another hike, contributing to the decrease in rate hike odds.
The inflation report has boosted Bitcoin's price by 1.8%, according to CoinGecko data, with $50 million worth of Bitcoin positions being liquidated over the past hour alone.