Bitcoin Surges Above $78,000 as U.S. CPI Report Meets Expectations

The August U.S. Consumer Price Index (CPI) inflation report came in at 3.4% year-over-year, meeting market expectations.

This news sparked a rebound in Bitcoin's price, which rose above $78,000 according to TradingView data.

The CPI report followed yesterday's Producer Price Index (PPI) release, which was higher than expected at 5.4%.

Despite concerns that inflation is still above the Fed's target of 2%, Bitcoin and other cryptocurrencies are seeing a price increase in response to the CPI data.