Bitcoin experienced a slight decline of 0.3%, settling around $83,700 early Wednesday in U.S. trading. Investors are eagerly awaiting the release of the personal consumption expenditures (PCE) price index—the Federal Reserve’s preferred metric for assessing inflation—which is anticipated to reveal a rise in inflation for August.
If inflation is higher than forecasted, it could intensify expectations for interest rate increases, exacerbating the bond market’s turmoil seen this month. Meanwhile, Brent crude oil prices surged past $103 per barrel, marking a 14% increase in September, despite a return to pre-war levels for Middle Eastern crude supplies. U.S. Treasuries stabilized after the 30-year yield reached its highest level since 2002, and the dollar remained close to its peak since July.
Ether saw a 0.7% drop, bringing it down to approximately $2,690. HYPE fell nearly 2%, making it the most significant decliner among major cryptocurrencies, while XRP and TRX both recorded gains of less than 1%, according to data from CoinDesk.
Analysis from the on-chain analytics firm CryptoQuant indicates that bitcoin’s spot market demand has decreased by roughly 170,000 BTC over the last month. Additionally, demand for futures contracts has plummeted by 90% since September 14.
Micron Technology is set to report its earnings after the U.S. market closes. Its results will serve as an important benchmark for AI-related stocks that have helped mitigate the S&P 500’s declines during the recent bond market disruptions.