Whats up with Bitcoin Cash?
On Tuesday, Bitcoin Cash (CRYPTO: BCH) was down 7.04% at $119.80, after the release of August CPI data showing higher inflation.
As a result, investors are becoming more risk-averse and the probability of more Fed policy tightening to combat inflation has increased.
Some investors see cryptocurrencies as a speculative hedge against inflation, thus the Fed's measures to reduce inflation may have a negative impact on the cryptocurrency market as a whole.
American statistics indicate that. According to the BLS, the annual rate of inflation moderated to 8.3% in August from 8.5% in July
The Consumer Price Index for August came in at a rate that was higher than the 8% predicted by most economists.
The 6.3% increase in "core" inflation (inflation excluding food and energy) in August was higher than the average forecast of 6.1% growth among professional forecasters.
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