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Source: Newsmaker.id
Bitcoin strengthened during Friday's trading (Sept. 11) after US inflation data largely aligned with market expectations. BTC rose approximately 1.9% to US$78,914.6, though it remained on track for a weekly decline of nearly 2%, snapping a three-week winning streak.
The US Consumer Price Index (CPI) rose 0.4% month-over-month in August—matching forecasts and up from 0.1% in July—while year-over-year inflation held steady at 3.4%. The increase was driven primarily by gasoline prices, which surged 3.9%, while the overall energy index rose 2.1%.
However, Core CPI signaled a more hawkish outlook. Core inflation rose 0.3% month-over-month—exceeding the 0.2% forecast—while the year-over-year rate slowed to 2.4% from 2.5%. The "supercore" indicator, which covers services excluding energy and housing, also rose 0.5% month-over-month and 3% year-over-year.
These results bolstered market confidence that the Federal Reserve will raise interest rates next week. The probability of a 25-basis-point hike jumped to around 86%, up from approximately 70% prior to the data release. The prospect of higher interest rates remains a key risk for risk assets like cryptocurrency.
Nevertheless, the majority of altcoins also rallied. Ether surged over 6% to US$2,610.17, XRP rose 3.3%, Solana gained 3.9%, Cardano climbed about 1%, and BNB added 3.3%. Dogecoin rose 3.5%, signaling a recovery in risk appetite after fears of an extreme CPI spike failed to materialize.
Geopolitical risks continue to cap the rally. The US-Iran conflict and Houthi-Saudi tensions are keeping oil prices elevated following a surge of more than 11% over the week. This situation sustains the risk of energy-driven inflation and opens the possibility that major central banks will maintain tight policies for longer.
Newsmaker Analysis: The rebound in Bitcoin and altcoins reflects market relief that the headline CPI did not exceed expectations. However, a 0.3% rise in Core CPI and a surge in the probability of a Federal Reserve rate hike to 86% leave the rally fragile. As long as yields and the dollar remain high and the Middle East conflict persists, the upside for crypto will likely remain limited, despite improving short-term momentum. (arl)
Source: Newsmaker.id