Bitcoin’s price rose above $85,000 on Wednesday after data showed inflation came in lower than expected. The Fed’s main inflation gauge, the personal consumption expenditures price index, increased by 3.4% on headline and 3% for core in August, both below estimates. This makes an October interest rate hike less likely. Bitcoin had surged to $87,158 earlier this month before slightly pulling back. Analysts say investors are shrugging off the move as they don’t expect the Fed to start hiking rates successively.
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