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The latest U.S. inflation data came in lower than expected, but Bitcoin struggled to maintain gains as trade war concerns weighed on sentiment.
According to the economic latest data released on Mar. 12, February’s Consumer Price Index rose 2.8%, below the 2.9% forecast. Core CPI, which excludes food and energy, dropped to 3.1%, slightly better than the expected 3.2%.
Markets responded by increasing bets on Federal Reserve rate cuts. Traders now price in a 31.4% chance of a cut in May, up from just 9% last month. The probability of three cuts by year-end jumped to 32.5%, while expectations for four cuts surged from 1% to 21%.
Bitcoin briefly surpassed $84,000 before falling back to $83,000, wiping off the majority of its post-CPI gains, despite the softer inflation data. 3 replies
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