Bitcoin Rebounds to $78,700 After US Inflation Data Release Sends Prices Plummeting
Bitcoin saw a sharp drop to $76,037 immediately after the release of US inflation data on August 11. The Consumer Price Index (CPI) increased by 0.4% in August following a 0.1% rise in July. However, Bitcoin quickly recovered and surpassed $78,700 within half an hour.
The annual inflation rate remained at 3.4%, while the core CPI, excluding food and energy prices, rose by 0.3%. This exceeded the expected 0.2% increase. The digital gold's price had been trading above $77,000 on Binance just before the report's release.
Ethereum also rebounded after its own drop, rising from a daily low of around $2,432 to $2,623 and currently standing at $2,603. The top 10 assets by market capitalization moved into the 'green zone' following the lead of these flagship cryptocurrencies.