Bitcoin Falls Below $80k Amid Inflation Data Release Caution
Bitcoin's rebound rally cooled ahead of the US inflation data release on Wednesday. The cryptocurrency fell 0.5% to $78,217.5 by 09:55 ET (13:55 GMT) after reaching recent three-month peaks.
The decline was due in part to caution from investors following fresh data showing that the Federal Reserve's preferred inflation gauge held steady at 3.7% in July. This complicates the outlook for interest rates ahead of the central bank's September meeting.
Markets were also on edge before Nvidia's closely watched quarterly earnings print, which is likely to set the tone for risk and the AI trade in the coming weeks.
Bernstein expects Bitcoin to reach $150,000 by mid-2027 and about $300,000 at the peak of its next cycle in 2029, helped by rising fiscal pressures and the 'debasement trade.'