Bitcoin holds steady as PCE inflation posts first monthly drop in six years
NEW YORK, Aug. 3. The U.S. personal consumption expenditures price index recorded its first monthly decline in six years, and $BTC held its ground alongside domestic equities. The PCE reading, the Federal Reserve's preferred inflation gauge, conformed to year-on-year expectations, according to the data.
Key takeaways
- The U.S. PCE price index posted its first monthly decline in six years, while Bitcoin held steady alongside U.S. equities.
- The PCE year-on-year reading met expectations, according to the data.
- Bitcoin and U.S. stocks each bounced after the inflation figures were released, recovering from earlier session pressure.
- A rout in South Korean semiconductor shares had weighed on global markets before the PCE release but that selling eased.
- Bitcoin's stability tracked the broader macro move rather than any crypto-specific catalyst.
NEW YORK, Aug. 3. The U.S. personal consumption expenditures price index recorded its first monthly decline in six years, and $BTC held its ground alongside domestic equities. The PCE reading, the Federal Reserve's preferred inflation gauge, conformed to year-on-year expectations, according to the data.
Markets post a relief bounce
Bitcoin and U.S. stocks each bounced as the inflation figures landed. The monthly drop in PCE, the first in six years, came alongside a year-on-year reading that met expectations. Both assets recovered from earlier session pressure.
South Korean semiconductor selling clears
A rout in South Korean semiconductor shares had weighed on global markets before the PCE release arrived. That selling eased. $BTC held steady through both the semiconductor pressure and the inflation data release, with its stability tracking the broader macro move rather than any crypto-specific catalyst.