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LIVE UPDATES • US Core CPI Rises 0.2% in July As Bitcoin Holds at $61,000 • MetaMask Blockchain Debit Card Launched With Layer 2 Linea Support • Goldman Sachs Bitcoin ETF Investments Reach $418.65 Million • Crypto.com and UEFA Champions League Announce Exclusive Sponsorship Deal • dYdX Chain Upgrade Brings Novel Features And Enhanced Security • Spot Ethereum ETFs Gain $24M, Grayscale’s ETHE Sees Negative Flows • WebX 2024 in JAPAN: A Two-Day Gathering of Companies Venturing into Web3, Led by the Anime Industry • New CTO Andre Cronje Will Lead Sonic Labs Going Forward • Bloomberg: Ripple Legal Case Is a Good Sign for Other Crypto Companies to Fight the SEC • Top Cryptocurrencies to Watch in 2024

News US Core CPI Rises 0.2% in July As Bitcoin Holds at $61,000 1 min - Around 2 mins mins to read

Key Points:

U.S. core CPI rose 0.2% in July, annually at 3.2%.

Fed may cut rates in mid-September, with a 52.5% chance of a 50 bp reduction.

Bitcoin steadied around $61,000 after the CPI report.

US Core CPI rose 0.2% in July, with a year-over-year increase of 3.2%. The overall CPI also gained 0.2%. These figures influence the Fed’s mid-September meeting, with potential rate cuts expected.

As expected, the U.S. core consumer price index rose 0.2% in July, unchanged from 0.1% in June. Year over year, the core CPI, which strips out changes in the prices of food and energy, came in at 3.2%, also as expected and a tad weaker than June’s 3.3%.

US Core CPI Rose 0.2% in July

The government said the overall CPI also gained 0.2% in July after falling 0.1% in June. The CPI rose 2.9% annually, a tad below the expected 3% and June’s 3%.

These figures are important because they set up the scene for the Federal Reserve’s mid-September meeting, at which a possible rate cut is already expected.

The CME FedWatch tool priced a 52.5% chance of a 50 basis point reduction in the benchmark fed funds rate range from its current 5.25% – 5.50% and a 47.5% chance of a 25 basis point cut.

Read more: Kamala Harris Proposes 28% Crypto Tax Rate For Wealthy Fairness: BBG

Bitcoin’s Reaction to CPI Report

The price of Bitcoin only somewhat reacted to the CPI report, and the king of cryptocurrency is sticking around $61,000 as of this writing. Other key U.S. macroeconomic indicators on the docket include tomorrow’s initial jobless claims and retail sales reports.

Additionally, the Federal Reserve’s annual Jackson Hole gathering, taking place before the end of August, may provide further insights into potential policy changes. Historically, the conference has been used by Fed chairs to announce significant policy shifts.

bitcoin price BTC CPI US CPI US CPI data US CPI July Data US CPI Release

Author Thana

I am a news editor at Coincu, where I produce daily editorial packages and manage the knowledge and review article sections. Before journalism, I earned a Bachelor's degree in Global Logistics and Supply Chain Management from Northampton University and studied news journalism at Press Association Training.

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US Core CPI Rises 0.2% in July As Bitcoin Holds at $61,000