Bitcoin Surrenders Early Gains as Markets Price in Multiple Rate Hikes

Bitcoin gave up its early gains as financial markets adjusted expectations to reflect the possibility of multiple interest-rate hikes, CoinDesk reported. The shift followed the release of August core consumer-price data showing a 0.3% monthly increase, faster than forecasts. On an annual basis, core CPI rose 2.4%, matching expectations and marking its slowest pace since early 2021. The data presented a mixed inflation picture, with the monthly reading exceeding forecasts while the yearly rate remained in line with estimates. Market pricing responded by focusing on the prospect of further rate increases, while Bitcoin’s initial advance faded. The report places the cryptocurrency’s latest move against changing expectations for monetary policy and the implications of incoming inflation data for broader markets.