🚀 Bitcoin's price soared above $29,700 on Wednesday, August 9, 2023, as the crypto world eagerly awaits the release of key US inflation data! 📈 The digital asset has been on a rollercoaster ride lately, but it's been gaining momentum as investors grow more optimistic about its long-term prospects. 🌟

The US Bureau of Labor Statistics is set to release its Consumer Price Index (CPI) data for July today, with economists predicting an 8.8% YoY increase – the highest inflation rate since 1981! 😮 This could impact Bitcoin's price in the short term, but in the long run, it could benefit from inflation if seen as a store of value.

Bitcoin's price is also being bolstered by growing institutional adoption, with several major financial institutions planning to offer Bitcoin investment products to clients. 🏦 This increased demand could help stabilize Bitcoin's price and prevent it from plummeting too far during a sell-off.

In summary, Bitcoin's long-term outlook is positive, thanks to its limited supply and increasing institutional adoption. 📊 However, short-term volatility is expected due to sensitivity to inflation news and other macroeconomic factors.

In other news, long-term Bitcoin holders now control more BTC than ever before, according to Glassnode data. 📊 Meanwhile, Binance's latest proof-of-reserves report is under scrutiny due to its dwindling USDC reserves following Silvergate Bank's collapse.

What do you think about Bitcoin's prospects in the face of inflation? 💭 Share your thoughts in the comments below! 👇