Live updates: Bitcoin gives up early gains as markets fully price in Fed rate hike
60-second summary
Bitcoin relinquishes early gains as markets fully price in the Federal Reserve’s rate hike, after core CPI climbs 0.3% in August—exceeding forecasts—while the annual inflation rate steadies at 2.4%, the slowest pace since early 2021. The data nudges traders toward caution, prompting a modest pullback in crypto valuations and reinforcing expectations of tighter monetary policy impacting price momentum.
Core CPI rose a faster-than-forecast 0.3% in August, but the yearly pace of 2.4% was in line and the slowest rate since early 2021.