World · Market · Global ·
Bitcoin dips below $79K on higher US inflation data
Bitcoin fell below $79,000 after July US PCE (Personal Consumption Expenditures) inflation data came in slightly higher than anticipated, pressuring equities, gold, and other risk assets. Bitcoin had held a 14% weekly gain before the pullback.
Why it matters for the crypto market
US inflation data directly affects Federal Reserve rate expectations, which in turn drive demand for risk assets like Bitcoin; a higher-than-expected print signals potential headwinds for the crypto market in the near term.
Source: cointelegraph.com
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