US Unemployment and CPI Data Released
In the US, initial jobless claims were reported at 224K (expectation: 225K, previous: 226K). Additionally, the annual CPI came in at 3.3%, above expectations (2.5%). The monthly CPI rose to 0.9%, significantly above expectations (0.2%) and the previous reading (0%).
Sales Wave Following Unemployment Benefits and CPI Data
Following the release of the data, Bitcoin fell from $124,000 to $117,000.
Decline in September Interest Rate Cut Expectations
The September interest rate cut expectation, which was 99.8% prior to the data release, fell to 92.7% following the data.
Bessent on Crypto Reserves:
US Treasury Secretary Bessent stated that no purchases would be made regarding crypto reserves, and that seized assets would be used instead.
Bessent’s Statement on Interest Rate Cuts
Bessent stated that he did not call for a 1.5% interest rate cut by the Fed. Instead, he said that a 25-basis-point cut could be initiated and accelerated later. He also emphasized that he believed there was room for a series of interest rate cuts.
U.S. Bitcoin Reserve Value Between 15–20 Billion Dollars
Bessent stated that the value of the Bitcoin reserves held by the U.S. ranges between 15 and 20 billion dollars.
