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Bitcoin struggles below $63,500 after US CPI matches expectations
Cointelegraph reports CME FedWatch put September rate-hold odds at 60%, up from 30% a month ago, but BTC still slipped below $63,500.
Bitcoin slid below $63,500 Wednesday as markets digested US inflation data, with BTC/USD giving back gains after the release, according to Cointelegraph.
The US Consumer Price Index matched expectations, rising 0.1% month-on-month and 3.4% year-on-year, with the Bureau of Labor Statistics noting shelter and food indexes each increased 0.1% in July, while the energy index fell 1.5%.
Cointelegraph said the CPI outcome was not expected to jolt broader risk assets, and among safe havens, gold held steady after reaching its highest level in nine weeks on Tuesday.
Fabian Dori, CIO at Sygnum Bank, said cooling CPI alongside weaker labor-market figures could support the case for the Federal Reserve avoiding rate hikes, and Cointelegraph cited CME Group’s FedWatch Tool showing 60% odds of a September hold at 3.5% to 3.75%, up from 30% a month ago.
Latest closeGold $4,430.80 ▲1.6%|Bitcoin $63,445.80 ▼0.2%