Fed Rate Hike Bets Surge as US Inflation Holds Steady

The US inflation data for August remained steady at 3.4%, which has led to an increase in bets that the Federal Reserve will raise interest rates.

Bitcoin (BTC) is approaching $79,000 and Gold (XAU) has climbed to $4,367 following the release of the data.

The largest cryptocurrency by market capitalization tested support near $76,000 earlier in the day as investors faced macroeconomic uncertainty ahead of the Fed's monetary policy decision.

Markus Levin, co-founder of XYO, stated that 'today's CPI keeps a 25-basis-point Fed hike in September as my base case,' indicating that a September rate hike is likely.