"Bitcoin was stable above USD 114,000 on Thursday, and is consolidating after Wednesday's advance was sparked by a surprise decline in US producer prices. The PPI fell 0.1% in August, its first drop in four months, reinforcing expectations of easing inflationary pressures. Attention now turns to the CPI data due later today, with markets braced for a reading of 0.3%. A softer outcome could fuel speculation of a higher probability for a 50bp rate cut at the Fed's meeting later this month, providing a further boost to risky assets."
"ETF flows remain a major tailwind. US spot Bitcoin funds attracted USD 741 million on Wednesday. The cryptocurrency could see more sustained support if ETF inflows remain strong after a period of sporadic outflows. The rising inflows could underscore resilient demand even as investors stay cautious ahead of macro catalysts. Corporate adoption also continued. POP Culture Group announced the creation of a strategic Bitcoin reserve, disclosing its first purchase of 300 BTC."
Bitcoin held above USD 114,000 and consolidated following a recent advance. The US PPI fell 0.1% in August, the first decline in four months, signaling easing inflationary pressures. Markets awaited an expected 0.3% CPI print, where a softer outcome could raise odds of a 50bp Fed rate cut this month and further support risky assets. US spot Bitcoin ETFs saw USD 741 million of inflows on Wednesday, providing a significant tailwind. Corporate adoption continued with POP Culture Group buying 300 BTC for a strategic reserve, while Cboe plans continuous Bitcoin futures pending regulatory review to deepen liquidity.
Read at London Business News | Londonlovesbusiness.com
Unable to calculate read time
Collection
[
|
...
]