Despite the NASDAQ and S&P 500 reversing an early sell-off and ending the day in the green, $BTC continued its sell-off after the CPI print. As of now, $BTC is trading at $58,141, down from $61.8k before the print, and $ETH is at $2,662, down from $2.8k before the print.
July's CPI increased by 2.9% YoY as expected, marking the first time since 2021 that it has fallen below 3%. Nick Timiaraos tweeted that a September rate cut is 100% certain but noted that “something bad in the labor market” would be needed for a 50bps rate cut. Currently, the market is pricing a 36% chance of a 50bps rate cut, down from 53% a day ago.
In other news, Coinbase is set to launch cbBTC soon, Andre Cronje has officially become the new CTO of Sonic Labs, and $ATH was listed on Upbit and Bithumb.
During the last 24 hours, the top three gainers were $AAVE, $TON, and $ATH, while the top three losers were $MEW, $TIA, and $MOG.
