The US Bureau of Labor Statistics published July CPI data, with headline CPI at 3.3%-3.4% and core CPI at 2.5%. This inflation in line with expectations reduces the likelihood of a Federal Reserve rate hike in September, especially given the substantial decline in non-farm payrolls shown in the jobs report. Bitcoin recovered from $63,200 to $64,400 before the data release, before slipping by a few hundred dollars. Analysts believe this CPI data is crucial for anticipating the next major move in the cryptocurrency market.
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