Bitcoin's Recent Surge and Inflation Data
Bitcoin (BTC) recently saw an increase, climbing back to $66,000. This rise was influenced by the U.S. Federal Reserve's preferred inflation measure, the Core PCE Index. This index excludes volatile food and energy prices to provide a clearer picture of inflation. In August, the Core PCE showed a year-on-year increase of 2.6%, which was lower than the expected 2.7%. Such lower-than-expected inflation data often boosts markets because it suggests the Fed might be more likely to cut interest rates, in this case possibly by 50 basis points in November.
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