Three minutes was enough for Bitcoin to shed $1K of its gains. The inflation numbers did not please the people, causing a sell-off in the crypto markets.
showed BTC/USD swiftly falling $1,000 after Consumer Price Index inflation for August came in at 8.3% year-on-year.
The consensus was that 8.1% would be the latest figure, and the overshoot suggested that inflation was not slowing at the expected pace.MoM core CPI coming in hot atSo 75bps it is at the next meeting?Nonetheless, versus July, year-on-year growth was still down 0.2%, preserving the overall trend of slowing CPI inflation.
This was not enough to avoid a crypto rout, however, and at the time of writing, Bitcoin was below $21,500, down 4% on the day.bets on a further 75-basis-point and even a 100-point rate hike from the Federal Reserve next week, cold feet were increasingly noticeable ahead of the Wall Street open.
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