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Bitcoin jumps to $86,757 as inflation data boosts bets on a rate hold
Cooler inflation readings, including August core PCE at 3.0% versus 3.3% expectations, have pushed CME FedWatch odds for a Fed hold to 74% for the Oct. 28 meeting.
Bitcoin traded around $86,757 on Friday, up 3% over 24 hours and 2% for the week, extending a September that had broken the month’s streak of losses, according to Decrypt citing CoinGecko data.
The surge followed Wednesday’s inflation reading, with August core PCE coming in at 3.0%, below expectations of 3.3%, which shifted market expectations toward the Federal Reserve keeping rates unchanged at its Oct. 28 meeting, Decrypt reported.
CME’s FedWatch tool put the probability of a hold at 74%, up from 35.8% a week earlier, while traders on Myriad, a prediction market owned by Decrypt’s parent company Dastan, priced the outcome at 75%, according to Decrypt.
The outlook shift came after the odds were more evenly split as recently as September 29, Nexo analyst Iliya Kalchev told Decrypt, alongside comments from New York Fed President John Williams that there was “no need for urgency” after September’s hike.
Latest closeBitcoin $86,431.95 ▲1.9%