Bitcoin Surges Past $85,000 Following Softer Core PCE Inflation Report

Bitcoin climbed to $85,600 after the US Bureau of Economic Analysis reported that core PCE rose 0.2% month-over-month, lower than the expected 0.3%. The annual core inflation rate reached 3%, below the anticipated 3.3%. Market analysts suggest this data eases concerns regarding bond yields and supports the case for the Federal Reserve to pause rate hikes in October. Other assets including ETH and SOL also saw gains.