Bitcoin holds $83,000 as soft US inflation clashes with surging bond yields - CHOSUNBIZ

U.S. inflation data came in below market expectations and touched the $85,000 level, but it gave back gains as concerns grew over rising long-term Government Bonds yields.

According to global virtual asset market site CoinMarketCap on the 1st, as of 8:57 a.m. that day, bitcoin was trading at $83,531.99. It was down 0.11% from 24 hours earlier.

Ethereum, the No. 2 by market capitalization, was up 0.24% at $2,683.14. Ripple (XRP) was down 0.09% at $1.48, and Solana was down 0.84% at $118.00.

On the 30th (local time), the U.S. Bureau of Economic Analysis (BEA) released the August personal consumption expenditures (PCE) price index, which rose 3.4% from a year earlier. That was lower than the 3.7% forecast compiled by Dow Jones. As a result, expectations spread that the Federal Reserve is less likely to raise rates again in Oct.

However, after the 10-year U.S. Government Bonds yield climbed to around 5.3%, bitcoin surrendered its gains.

The Dow Jones Industrial Average fell 441.13 points, or 0.86%, from the previous trading day to close at 50,908.79. The Standard & Poor's (S&P) 500 index fell 18.81 points, or 0.25%, to 7,652.03, while the Nasdaq composite rose 63.52 points, or 0.24%, to 26,861.06.

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