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Bitcoin rises above $85,000 after softer-than-expected inflation reading

Bitcoin traded around $84,246 after topping $85,518, as the August personal consumption expenditures price index rose 3.4% headline and 3.0% core.

Reported · Written up by our desk · Market Structure

Bitcoin rose above $85,000 after August inflation data came in softer than expected, with Bitcoin Magazine noting the move followed a lower-than-forecast increase in the personal consumption expenditures price index.

The outlet said the Fed’s main inflation gauge, headline PCE, increased 3.4% in August, while core PCE rose 3.0%, both below estimates.

Bitcoin’s price recently stood at $84,246 after reaching as high as $85,518 Wednesday morning in New York, according to Bitcoin Magazine.

The article also linked the data to expectations around the Federal Reserve, saying the softer inflation report makes a rate hike in October less likely.

Latest closeBitcoin $83,726.42 ▲0.1%

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