Bitcoin's price increased on Friday, reaching a peak of $79 607 in New York. The cryptocurrency recently traded near $78 749, marking a 2% rise over a 24-hour period. This growth occurred despite reports of accelerating U.S. consumer prices in August.
Data shows the consumer price index, excluding food and energy, rose 0.3% in August compared to the previous month. This figure exceeded market expectations, fueling anticipation that the Federal Reserve will increase interest rates during its upcoming meeting next week.
According to the CME FedWatch tool, traders estimate an 85% probability of an interest rate hike. Federal Reserve Chairman Kevin Warsh, who assumed his role in January, previously stated that further efforts are required to address inflation.
Market dynamics are influenced by rising oil prices and broader economic conditions. Previously, in August, bitcoin experienced significant growth following the U.S. Treasury's decision to double long-dated bond buybacks and President Trump's support for the Clarity Act.
