Crypto
Home›Crypto›Market Structure›Bitcoin rises above $85,000 after cooler PCE inflation…
Bitcoin rises above $85,000 after cooler PCE inflation data
August PCE came in at 0.3% month over month and 3.4% year over year, while core PCE was 0.2% and 3.0%, shifting odds toward a Fed hold.
Decrypt reports Bitcoin jumped above $85,000 after the latest PCE inflation reading came in cooler than expected.
The Fed's preferred inflation gauge, the PCE index, rose 0.3% in August and 3.4% from a year earlier, below economists' forecasts of 0.4% and 3.7%. Core PCE, excluding food and energy, increased 0.2% on the month and 3.0% annually, versus expectations of 0.3% and 3.3%.
Bitcoin pushed to a high of $85,598.94 before easing back to $84,376.09, while the total crypto market capitalization rose 0.6% to just under $3 trillion.
Decrypt also pointed to a shift in rate expectations, with CME's FedWatch tool showing a 62% chance the Fed holds rates and a 37% chance of a 25-basis-point hike, as the 10-year Treasury yield rose to around 5.25% and the S&P 500 fell 0.2% to 7,670.
Latest closeBitcoin $81,906.63 ▼1.4%|S&P 500 7,765.36 ▼0.5%