CoinShares: Latest CPI Print Offers No Support for Bitcoin's Short-Term Price

CoinShares, a digital asset investment firm, says that the latest Consumer Price Index (CPI) print does not offer any support for Bitcoin's short-term price trajectory.

The August inflation report showed a headline number of 3.4% year-over-year and 0.4% month-over-month, both matching consensus forecasts.

However, the real problem lies in the core CPI reading, which strips out volatile food and energy prices to reveal the stickier inflation underneath.

Core CPI rose 0.3% month-over-month, beating Wall Street's expectations of 0.2%, and increasing the probability of a Federal Reserve rate hike at the upcoming September 15-16 meeting.

This is a major concern for Bitcoin, as it has spent years rallying on cheap money and retreating when the liquidity tap tightens.