Bitcoin Tops $58k as U.S. Core Inflation Rose 0.3% in August

TL;DR

• BTC is up 2.5% in the last 24 hours and now trades above $58k per coin.

• Core CPI rose 0.3% in August, faster than a forecast 0.2%.

BTC Rallies Above $58k on CPI News

Bitcoin, the leading cryptocurrency by market cap, performed positively over the last 24 hours. The coin added 2.5% to its value, surpassing the $58k mark for the first time in a week.

At press time, Bitcoin’s price stands at $58,040. The rally follows yesterday's news about the U.S. CPI. The U.S. Consumer Price Index (CPI) rose 0.2% in August, versus economist forecasts of 0.2% and 0.2% in July.

Meanwhile, Core CPI, which excludes food and energy costs, increased 0.3% in August, faster than a forecast of 0.2%. With this CPI, investors expect the Federal Reserve to cut rates by 25 basis points next week.

Bitcoin’s positive performance allowed altcoins to also rally higher, with BNB leading the charge. Binance’s native coin added 6% to its value and now trades at $542. The Open Network’s TON finally surpassed Tron’s TRX to claim the 9th spot in the market after adding 2% to its value in the last 24 hours.

Thanks to these improved performances, the total cryptocurrency market cap now stands at $2.04 trillion, up 2%.