Forex
US Inflation Fails to Dent Bitcoin's Price Surge
Bitcoin's price has risen to nearly $78,749, a 2% increase over the past 24 hours. This surge comes despite news that US inflation rose in August, exceeding expectations. The consumer price index, excluding food and energy, climbed 0.3% from July to August.
Higher inflation typically leads to higher interest rates, which could curb Bitcoin's growth. However, Federal Reserve Chairman Kevin Warsh has stated he has 'more work to do' to combat inflation.
The US is currently experiencing an affordability crisis, with rising oil prices being a major concern ahead of the midterm elections. President Donald Trump has reassured voters that prices will be brought under control and has pressured the central bank to lower interest rates.