Bitcoin Ticks Closer to $80K as US Inflation Data Brings Boost

Bitcoin's price surged to nearly $80,000 following the release of US inflation data, which showed a slowdown in annual core CPI to 2.4%, its lowest level in 66 months.

This easing of inflation boosted confidence in both cryptocurrency and traditional markets, leading to gains for Ethereum as well, with an increase of over 8%.

However, persistent monthly inflation in services raised concerns about ongoing price pressures, increasing uncertainty ahead of the Federal Reserve's September 16 decision.