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The crypto market is being handed its worst macro backdrop in months, and it is rising anyway. U.S. inflation held at 3.4% in August, core prices climbed a faster-than-expected 0.3% on the month, and bond traders now put a rate hike at next week’s Fed meeting close to a certainty, CoinDesk reports. Ethereum is up more than 8% since the release, bitcoin is holding above $79,000, and almost the entire top tier of the market is green.

The first reaction was the textbook one: bitcoin slid to $76,700 in the minutes after the data landed. That dip was bought within hours. This is where the story sits, because the rate outlook has flipped completely over the past two weeks without…