BTC Volatility Soars as CPI Data Sets Stage for Fed Meeting

The past week in cryptocurrency markets was marked by significant volatility, particularly in Bitcoin. The US jobs report for July had a substantial impact on market sentiment, leading to a major sell-off and a drop below $79,000.

However, the CPI data released earlier this week set the stage for the upcoming FOMC meeting on September 15-16, giving the Fed more leeway to hike interest rates. This development has contributed to the current market dynamics.

The market capitalization of all cryptocurrencies reached $2.77 trillion, with a 24-hour spot volume of $45.81 billion and an increase in ETH gas prices to 0.70 Gwei.