What to Know:
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Bitcoin’s Recent Performance
Bitcoin has increased around 1.4% over the last 24 hours, with its current price at BTC $114,495.70 as traders prepare for significant U.S. inflation data which may impact upcoming Federal Reserve interest rate cuts.
The European Central Bank will also make its own interest-rate decisions, widely expected to stay unchanged. Meanwhile, predictions indicate a modest rise in the U.S. Consumer Price Index (CPI) to be released at 8:30 a.m. ET today.
Bettors on Polymarket currently see a 79% chance of a 25 basis-point rate cut within the month, which has benefited risk assets. Spot Bitcoin and Ethereum ETFs have seen $928 million in combined net inflows yesterday, with Bitcoin reaching its highest value since early August.
Cautions from Analysts
However, some analysts, including Jake Ostrovskis from Wintermute, express caution due to persistent inflation and slowing growth concerns potentially leading to stagflation. Since late August, there has been a trend of investors shifting from Ethereum back to Bitcoin.
Geopolitical Concerns
On another front, Russia made headlines this week by purportedly violating Polish airspace. Prime Minister Donald Tusk remarked that the situation is the closest to open conflict observed since World War II, although he emphasized there is no immediate reason to expect war.
What to Watch
- Crypto Events: Sept. 11 - Swissblock webinar on “The Final Innings of This Bull Cycle.”
- Macro Events: Announcement of August Core CPI with expected YoY estimates.
Closing Remarks
As global events unfold in both economics and geopolitics, stay tuned for further updates.
