US Edition
Bitcoin Poised For Sharpest Daily Drop In Months After Latest Record-Breaking Rally—Here’s Why
Higher-than-expected inflation data including a 3.3% Producer Price Index rise reduced Federal Reserve rate cut odds from 100% to 96%, pressuring Bitcoin prices lower.
- On Thursday, Bitcoin fell to $117,400 after July PPI rose 0.9% and Core CPI increased 3.7% year-over-year.
- Following the July PPI print, CME FedWatch data show the probability of a Sept. 17 rate cut fell to 90.5% from 99.8%.
- Across markets, U.S. stock index futures slipped 0.5%, the dollar gained, and Bitcoin is down 3.8% at $117,900, Ethereum is down 4% at $4,535, and Ripple is down 6.1% at $3.07.
- Risk appetite waned as hotter inflation and cooled government interest reversed demand for risk assets like bitcoin.
- With July PPI, the largest monthly rise in U.S. Producer Price Index since June 2022, major cryptocurrencies dipped sharply Thursday.
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Bitcoin drops after hot wholesale inflation data dampen Fed rate cut bets (BTC-USD:Cryptocurrency)
Bitcoin's (BTC-USD) price gapped down in Thursday late morning trading after hotter-than-expected inflation data dented expectations for interest-rate cuts by the Federal Reserve.
·United States
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Bitcoin Tumbles as Markets Reel, in the Wake of Gloomy Inflation Data – Markets and Prices Bitcoin News
The digital asset’s price saw a precipitous drop early Thursday morning after the U.S. Bureau of Labor Statistics published data revealing record inflation metrics. Inflation Shock Triggers Bitcoin Slump Just seconds after the U.S. Bureau of Labor Statistics (BLS) published its inflation data at 8:30 am on Thursday, bitcoin ( BTC) fell off a cliff. […]
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Total News Sources10
Leaning Left1Leaning Right1Center2Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 25%
C 50%
R 25%
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