Bitcoin Price Surges to $67,900; Amidst Potential Fed Rate Cut and US Inflation Concern
Bitcoin (BTC) price has kept its momentum, and has surged to about $67,900. The favorite way the Federal Reserve estimates inflation, which is the Core PCE Price Index, has been increasing 0.2%; this is as anticipated, however there's a drop from the 0.3% increase in the past month.
With this little rise, the inflation worries for the Federal Reserve may be reduced. However, these estimates have to be consistent, in order for the Federal Reserve to be able to cut rates by September 2024.
Chicago PMI was anticipated to be 41.1, but it dropped to 35.4, which signals that manufacturing actions have become slower. The measurement indicates a varied condition in the economy, as economic ventures reduces; and inflation eases.
The effect of these estimates on the price of Bitcoin is that, if the Federal Reserve should cut rates in September 2024; it would reduce the value of the United States dollar, and cause an increase in the price of Bitcoin.