Gold Price Climbed After July Inflation Data, But Bitcoin Didn’t. Why?
Fed rate hike fears collapsed on Wednesday after July inflation cooled to 3.4%. Gold climbed, crypto bounced, and a closely watched Bitcoin (BTC) bottom signal started flashing.
One piece is still missing. CryptoQuant says the panic selling that sealed every past bear market low has not arrived yet.
Fed Pause Odds Jump After a Cooler July CPI
The July Consumer Price Index (CPI) rose just 0.1% for the month. Annual inflation slowed to 3.4% from 3.5% in June. Core inflation eased to 2.5%, its lowest since February. Cheaper gasoline, down 2.9% on the month, did much of the work.
Rate traders repriced within minutes. CME FedWatch now gives a 61.9% chance the Fed holds rates in September. A month ago, markets leaned toward a hike, and rare rate hike odds still rattled Bitcoin in late July.
Gold rose 0.5% to about $4,436 per ounce. The metal has rallied since last week's weak US jobs report. Crypto followed the same relief trade, helped by steady inflows into spot Bitcoin exchange-traded funds (ETFs).
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