Live updates: Bitcoin below $84,000 ahead of PCE inflation data, Micron earnings
In this news:
Key takeaways
- Bitcoin slipped 0.3% to about $83,700 early Wednesday ahead of PCE inflation data.
- CryptoQuant estimates that bitcoin spot demand has shrunk by about 170,000 BTC over 30 days.
- Ether fell 0.7% to approximately $2,690 while other major tokens saw minor changes.
Bitcoin slipped 0.3% to about $83,700 early Wednesday, U.S. time. Traders are waiting on the personal consumption expenditures price index, the Federal Reserve's favored inflation gauge, which is expected to show inflation quickened in August.
A higher-than-expected inflation reading would add to the bets on rate hikes that drove a bruising bond selloff this month. Brent crude rose above $103 a barrel and is up about 14% in September, even though Middle East crude flows are returning to pre-war levels. Treasuries steadied a day after 30-year yields hit their highest since 2002, and the dollar held near its highest since July.
Cryptocurrency market movements and onchain demand
Ether fell 0.7% to about $2,690. HYPE dropped nearly 2%, the worst among the majors, while XRP and TRX each added under 1%, according to CoinDesk data.
Onchain analysis firm CryptoQuant estimates that bitcoin's spot demand has shrunk by about 170,000 BTC over the past 30 days. Growth in futures demand has dropped 90% since Sept. 14.
Micron Technology reports after the U.S. close. Its results are a test for the AI-linked stocks that kept the S&P 500's losses in check through the bond selloff.
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