Bitcoin · Federal Reserve (FED) · Iran · Bitcoin Magazine
Higher inflation typically means the Federal Reserve will raise interest rates
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◎ Multiple-sources
According to CME’s FedWatch tool, traders think there is a 85% chance interest rates will be higher by next week.
Key facts
- The biggest cryptocurrency by market cap was recently trading for close to $78,749 after jumping 2% over a 24-hour period
- According to CME’s FedWatch tool, traders think there is a 85% chance interest rates will be higher by next week
- The consumer price index, excluding food and energy, climbed 0.3% in August from a month earlier, which was higher than expected
- Higher inflation typically means the Federal Reserve will raise interest rates, which in turn could stop bitcoin’s price climbing higher
Summary
The price of bitcoin is up, although an interest rate hike could be around the corner. Bitcoin’s price rose on Friday, despite data revealing that U.S. inflation had risen. The biggest cryptocurrency by market cap was recently trading for close to $78,749 after jumping 2% over a 24-hour period. Bitcoin’s price spike came after news dropped that U.S. consumer prices accelerated in August, reinforcing expectations that the Federal Reserve will raise interest rates next week. The consumer price index, excluding food and energy, climbed 0.3% in August from a month earlier, which was higher than expected.