Bitcoin's price increased by 2% over a 24-hour period, reaching a peak of $79 607 on Friday morning in New York. The asset was recently trading near $78 749.
This growth occurred despite reports that U.S. consumer prices rose by 0.3% in August, exceeding expectations. The data suggests the Federal Reserve may raise interest rates at its upcoming meeting.
According to the CME FedWatch tool, there is an 85% probability that interest rates will increase next week. Federal Reserve Chairman Kevin Warsh has indicated that further efforts are required to combat inflation.
The market environment remains influenced by rising oil prices and broader economic conditions. Previously, in August, bitcoin experienced significant growth following U.S. Treasury plans to increase long-dated bond buybacks and legislative discussions regarding the Clarity Act.
