UPDATE: Bitcoin hits $85,598 as October Fed rate hike odds drop to 37.1%
CIE News ·
Following softer PCE inflation data, odds of an October Fed rate hike fell to 37.1%, fueling a Bitcoin rally to $85,598 while XRP crossed $1.50.
As previously reported, Bitcoin (BTC) gained after softer August PCE inflation figures lowered yield pressures. Further data shows that BTC touched a high of $85,598 on September 30, expanding its recent trading range from between $83,000 and $84,000, according to tradingview.com. XRP also advanced above $1.50 during the market-wide lift.
The rally coincided with a sharp repricing of monetary policy expectations. CME FedWatch data indicated that the probability of an October Federal Reserve rate hike dropped from over 70% to 37.1%, while the likelihood of no hike climbed to 62.9%. The shift followed comments from New York Fed President John Williams noting a lack of urgency for additional increases, alongside core PCE rising 3.0% year-over-year against 3.3% forecasts.
Institutional interest supported the price movement alongside the macro repricing. Tradingview.com noted that spot Bitcoin ETFs registered a $2.8 billion inflow in a single reported week, even as 10-year Treasury yields stood above 5.2%.