Stagnant Bitcoin Price Hints at Fed Rate Hike Uncertainty

Bitcoin's price stagnated at around $65K on Wednesday, as investors awaited inflation data that could influence the Federal Reserve's interest rate decisions. The cryptocurrency traded at $63,680, down 0.48% over the past 24 hours, with a market capitalization of $1.28 trillion.

Strategy, an investment firm, sold 1,690 BTC for $108.6 million in the week leading up to August 9, at an average price of $64,262. This sale was part of their Bitcoin monetization program, which allows them to raise up to $1.25 billion for a dollar reserve.

Swyftx lead market analyst Pav Hundal noted that the US inflation data landed after a jobs report showed a significant miss in July's employment numbers. The economy shed 23,000 jobs, contrary to economists' expectations of a gain between 80,000 and 95,000. This development has shifted market-implied odds of the Federal Reserve raising rates by its December meeting.