Forex
Bitcoin Shrugs Off Hot Inflation Data with 2% Price Spike
Despite hot US inflation data, Bitcoin's price surged on Friday, rising 2% over a 24-hour period. The cryptocurrency reached as high as $79,607 at one point in New York morning trading.
The Consumer Price Index (CPI) excluding food and energy climbed 0.3% in August from the previous month, exceeding expectations.
Higher inflation typically leads to increased interest rates, which could slow down Bitcoin's price growth. However, the Federal Reserve's next move remains uncertain.