Bitcoin Flat as Core US Inflation Holds at 2.9% in August
Bitcoin is trading around $109,300 after a brief dip below $109,000, influenced by a reported 2.9% year-over-year increase in U.S. core inflation for August. The cryptocurrency faced a challenging market, with approximately $970 million in liquidations, predominantly from long positions betting on price increases. Predictions among users indicate a bearish trend, with many expecting Bitcoin to drop to $105,000 before rebounding. This sentiment follows President Trump's announcement of new tariffs on various goods set to take effect on October 1, which has raised concerns among investors about economic stability. The market remains attentive to upcoming U.S. Federal Reserve policy decisions, with expectations leaning towards a potential rate cut next meeting. The convergence of significant options expirations in the crypto market adds further volatility, as a substantial volume of Bitcoin options, valued at $17.06 billion, is scheduled to expire soon. These developments suggest the market is at a critical juncture, potentially influenced by both inflation data and geopolitical factors.
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