Bitcoin Recovers to $78,700 After US Inflation Data Release

Bitcoin briefly dropped to $76,000 following the release of US CPI data, which showed a 0.4% monthly increase in August, but quickly recovered to over $78,700. While annual inflation remained at 3.4%, the stronger-than-expected monthly figures increased market expectations for a Federal Reserve rate hike. The probability of a 25 basis point hike on September 16 rose to 85.6% according to CME FedWatch. Ethereum and other top-10 assets also saw gains, with ZEC and XRP leading the hourly growth.