{"id":55325,"date":"2023-08-31T12:17:17","date_gmt":"2023-08-31T16:17:17","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/bitcoin-holds-lower-after-inflation-data-september-worries-are-building\/"},"modified":"2023-08-31T12:17:19","modified_gmt":"2023-08-31T16:17:19","slug":"bitcoin-holds-lower-after-inflation-data-september-worries-are-building","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=55325","title":{"rendered":"Bitcoin Holds Lower After Inflation Data. September Worries Are Building."},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-BAR-0000733156\">\n<div data-layout=\"wrap\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          wrap\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--wrap\n    article__inset--lead\n  \"><\/p>\n<p>        <!-- eventually when we know what this card will be we can change it and leave this one --><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-wrap\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<\/figure><\/div>\n<p>\n        Bitcoin<br \/>\n      and other cryptocurrencies were slipping after key inflation data, continuing to move lower after a rally this week following a pro-crypto court ruling. Traders are beginning to worry about September and what is historically a tough month for Bitcoin.<\/p>\n<p>The price of Bitcoin has retreated less than 1% over the past 24 hours to $27,250, ticking up slightly, by about $50, after the release of U.S. inflation data. The largest digital asset continues to slip back from a peak above $28,000, reached on Tuesday after a U.S. court ruled against the Securities and Exchange Commission in a landmark case that should pave the way for a spot Bitcoin exchange-traded fund.<\/p>\n<div class=\"paywall\">\n<p>\u201cThe crypto market is cooling after a surge in buying,\u201d said Alex Kuptsikevich, an analyst at broker FxPro. \u201cBitcoin briefly dipped to $27,000 on Wednesday, about half of its initial jump from $26,000 to $28,000 and back below its 200-day and 200-week averages, despite the increased traction of risk in traditional markets.\u201d<\/p>\n<p>Indeed, Bitcoin has lagged the<br \/>\n        Dow Jones Industrial Average<br \/>\n       and<br \/>\n        S&amp;P 500<br \/>\n       in recent days in a continuation of a trend that has ushered in one of the quietest periods for prices in crypto history.  Traders\u2019 bets that Thursday would usher in a new catalyst in the form of personal consumption-expenditures (PCE) data, which is the Federal Reserve\u2019s preferred measure of inflation, seem to have fallen flat.<\/p>\n<p>Core PCE in July rose 4.2% year over year, up from a 4.1% annual rate recorded in June but in line with analysts\u2019 expectations.<\/p>\n<p>Economic data remain key for risk-sensitive assets as investors shift expectations over the outlook for interest rates, which the Fed has cranked to a generational high since March 2022\u2014slamming Bitcoin and stocks alike\u2014in a bid to tame inflation. Signs of a weakening economy could give the Fed reason to pause action on rates and even consider cutting borrowing costs sooner, putting the August jobs report on Friday firmly in focus after Thursday\u2019s inflation print.<\/p>\n<p>If the jobs report due Friday shows employment slowing, it could help \u201cstir Bitcoin into action again to make another push into the late $20,000s after Tuesday\u2019s rally quickly faded,\u201d said Antoni Trenchev, co-founder and managing partner at crypto lender Nexo.<\/p>\n<p>It may be the last chance for digital assets to jump higher before September trading gets underway in earnest, ushering in what is historically one of the worst months for Bitcoin.<\/p>\n<p>\u201cIf history is a guide, August is just an entr\u00e9e for the main dish that\u2019s September, which has only witnessed two monthly gains in a decade, the last of which was 2016,\u201d said Trenchev.<\/p>\n<p>Beyond Bitcoin,<br \/>\n        Ether<br \/>\n      \u2014the second-largest crypto\u2014was down less than 1% to $1,710. Smaller tokens or altcoins were more mixed, with<br \/>\n        Cardano<br \/>\n       up less than 1% and<br \/>\n        Polygon<br \/>\n      almost 2% in the green.<br \/>\n        Dogecoin<br \/>\n      was up 3% and<br \/>\n        Shiba Inu<br \/>\n       fell less than 1%.<\/p>\n<p>Write to Jack Denton at jack.denton@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/bitcoin-ethereum-prices-crypto-markets-today-e7be6abb?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin and other cryptocurrencies were slipping after key inflation data, continuing to move lower after a rally this week following a pro-crypto court ruling. Traders are beginning to worry about September and what is historically a tough month for Bitcoin. The price of Bitcoin has retreated less than 1% over the past 24 hours to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":55326,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-55325","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin Holds Lower After Inflation Data. 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