Bitcoin approached $80,000 after the US Consumer Price Index release came in at 3.4% year-on-year. After initially dropping to $76,000, BTC/USD reversed upward, gaining more than 3% on the day. US 30-year bond yields saw significant volatility, reaching their highest levels since June 2004. Traders doubled down on bets that the Federal Reserve would raise interest rates by 0.25% at its September 16 meeting, with probabilities now at 85%. Trading firm QCP Capital warned of unfavorable prospects for bitcoin amid rising US yields.
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