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Inflation Data Fails to Dent Bitcoin Price as Interest Rate Hike Looms

Guavy AI Editorial Team
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BTC
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Bitcoin's price surged on Friday despite inflation data showing U.S. consumer prices rose in August, exceeding expectations.

The cryptocurrency jumped 2% over a 24-hour period to reach nearly $79,000, its highest point of the day at $79,607 in New York.

The Federal Reserve is expected to raise interest rates next week after the data was released, which could curb Bitcoin's price growth. However, low-interest rate environments tend to benefit Bitcoin as they increase liquidity and make it cheaper for people to buy cryptocurrency.

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