US EditionBitcoin Poised For Sharpest Daily Drop In Months After Latest Record-Breaking Rally—Here’s Why
Higher-than-expected inflation data including a 3.3% Producer Price Index rise reduced Federal Reserve rate cut odds from 100% to 96%, pressuring Bitcoin prices lower.
- On Thursday, Bitcoin fell to $117,400 after July PPI rose 0.9% and Core CPI increased 3.7% year-over-year.
- Following the July PPI print, CME FedWatch data show the probability of a Sept. 17 rate cut fell to 90.5% from 99.8%.
- Across markets, U.S. stock index futures slipped 0.5%, the dollar gained, and Bitcoin is down 3.8% at $117,900, Ethereum is down 4% at $4,535, and Ripple is down 6.1% at $3.07.
- Risk appetite waned as hotter inflation and cooled government interest reversed demand for risk assets like bitcoin.
- With July PPI, the largest monthly rise in U.S. Producer Price Index since June 2022, major cryptocurrencies dipped sharply Thursday.
15 Articles
15 Articles
Crypto Drops as Hot PPI Data Rattles Markets
A surprise spike in U.S. wholesale inflation sent crypto prices sharply lower Thursday, one day after bitcoin hit a record high. The Producer Price Index rose 0.9% in July — the largest monthly gain in over three years — far above economist forecasts of 0.2%. The annual rate climbed to 3.3%, fueling expectations that the Federal Reserve may keep interest rates higher for longer. Fed Chair Jerome Powell is in a tough spot now. On Polymarket, the …
'Oh My Goodness!' CNBC Host Horrified By Inflation Data
CNBC anchor Rick Santelli, the man who helped create the Tea Party movement after President Obama was elected with his anti-homeowner hijinks, was thoroughly walloped by the horrible data in July's Producer Price Index. Santelli is one of the worst of the worst, but he can read actual data. SANTELLI: Be very careful how we look at some of these numbers. We're a couple seconds away, folks, from our July release of the Producer Price Index. Headl…
Bitcoin drops after hot wholesale inflation data dampen Fed rate cut bets (BTC-USD:Cryptocurrency)
Bitcoin's (BTC-USD) price gapped down in Thursday late morning trading after hotter-than-expected inflation data dented expectations for interest-rate cuts by the Federal Reserve.
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