Crypto Market Climbs After U.S. CPI Data Fuels September Rate Cut Hopes
TLDR
- The U.S. CPI inflation rate was 2.7% year over year, matching last month’s figure but below the expected 2.8%.
- Monthly inflation stood at 0.2 %which was lower than the previous reading of 0.3%.
- The crypto market rose sharply after the CPI release, with the total market cap increasing from $3.9 trillion to $3.94 trillion.
- Bitcoin and Ethereum led the rally, with Ethereum breaking above $4,400 from an intraday low of $4,172.
- CME FedWatch data showed an 82.4% chance of a 25-basis-point Fed rate cut in September.
The U.S. CPI inflation data recorded 2.7% year-on-year in July, coming in lower than the expected 2.8% and unchanged from last month. Monthly inflation stood at 0.2%, below the prior reading of 0.3%. This data…
