Bitcoin sustains $57K despite August CPI report
US August CPI data revealed a slight increase in the monthly inflation rate, rising by 0.2%.The crypto market remained steady despite the inflation report, as predictions favor the possibility of a 25 bps rate cut.Bitcoin has experienced sharp declines in trading activity among centralized exchanges, per Glassnode's monthly data.
Crypto market unfazed by low inflation data
US Consumer Price Index (CPI) data for August came in lower than expected, declining 2.5% against July's 2.9% on a yearly basis. At the same time, the annual core CPI stood at 3.2%, matching expectations. Notably, monthly CPI data increased 0.2% while core CPI rose 0.3%, per FXStreet inflation data report on Wednesday.
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