Bitcoin has fallen back to the high $70,000 range, failing to maintain its position above $80,000. This decline is attributed to growing caution regarding the Federal Reserve's monetary policy ahead of the U.S. Consumer Price Index (CPI) announcement.
As of 8 a.m. on September 8, Bitcoin was trading at $78,933, down 1.39% from the previous day, according to global cryptocurrency market site CoinMarketCap.
Major altcoins also experienced declines. Ethereum dropped 0.96% to $2,481, while Ripple (XRP) fell 2.40% to $1.38. Solana decreased by 2.47% to $103.35, and Binance Coin (BNB) was down 1.86% at $737.18.
Recently, Bitcoin had been on an upward trend, supported by demand for gold and Bitcoin as a hedge against concerns over U.S. fiscal health and the Treasury's expansion of long-term bond purchases. After dropping to just above $60,000, Bitcoin had recently recovered to the $80,000 mark.
However, the upcoming release of the U.S. Producer Price Index (PPI) and CPI on September 10 and 11 appears to have halted this upward momentum. Market expectations regarding the Federal Reserve's interest rate decision for September may shift based on these inflation indicators, leading to increased caution among investors.
Meanwhile, at 8 a.m. on Bithumb, Bitcoin was trading at 10,757,000 won (approximately $79,863), reflecting a 0.25% decrease from the previous day. The so-called 'Kimchi premium,' which indicates the extent to which domestic prices exceed international prices, was recorded at 1.306%.
* This article has been translated by AI.
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