This week in the crypto industry has been marked with significant events, including the release of CPI data from August that has had a major impact on the market.
Overview of Bitcoin's Growth
Last weekend, Bitcoin faced difficulties, failing to remain above $112,000 and testing the $110,000 support level several times. However, by Monday, the price rose to $111,500, and on Tuesday it exceeded $113,000 before retracting below $111,000 again. Wednesday and Thursday saw Bitcoin rise to $114,000.
Results of Macroeconomic Data
The CPI data release met expectations perfectly, causing instant volatility in Bitcoin that drove it up and down by $1,000 within a short period. There are expectations that the Federal Reserve may lower the key interest rate next Wednesday, contributing to the high demand for the asset.
Key Events of the Week in the Crypto Industry
Amid Bitcoin's growth, altcoins also made surprising gains. HYPE reached a new record, jumping to $57, and BNB set its own at $910. Other altcoins, including DOGE, SOL, and MYX, also showcased double-digit increases throughout the week.
This week in the crypto industry was marked by significant growth in Bitcoin and record achievements among altcoins. The release of CPI data fits into the broader context of expectations from the Fed.
