Bitcoin Surges Past $85,000 Following Softer-Than-Expected US Inflation Data

US inflation for August came in lower than anticipated, with the Personal Consumption Expenditures (PCE) price index rising 3.4% year-over-year compared to the expected 3.7%. The core rate, excluding energy and food, stood at 3.0% against a forecast of 3.3%. Following the release of the data by the US Department of Commerce, Bitcoin rose nearly 2% to over $85,400. The report also noted downward revisions to July's figures, though some of the decline may be attributed to changes in the calculation methodology for certain index components. The softer data has reduced market expectations for a potential interest rate hike in October.