BTC volatility rebounds, ETH hits eight-month high, CPI paves the way for Fed policy: This week's r

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This week's Business Week ended in a wild way after the release of the Federal Reserve's CPI data.

With the release of the last piece of the Federal Reserve's jigsaw puzzle-the Consumer Price Index (CPI) data, the Business Week we have just experienced has a crazy ending. But before delving into the specific details of what happened earlier today, let's take a quick look at the events of the past week.

A week ago, the U.S. employment report for July was released, and its performance was much stronger than expected. Markets responded immediately because the report provided more room for the Fed to raise interest rates at the September 15-16 FOMC meeting. Earlier in the day, Bitcoin (BTC) was blocked at $82,400, but the report triggered another round of massive selling, with the asset falling below $79,000 in minutes.

Bitcoin rebounded over the weekend and again challenged the $80,000 mark on Monday, but failed. The subsequent decline was even slower, falling to $77,600 a day later. Bulls tried to regain control, pushing BTC twice to $79,400 on Wednesday, but assets failed to break through resistance.

Subsequently, Bitcoin slipped to US$77,000 after the week's first inflation data producer price index (PPI) was released. The market expects more fluctuations before and after the release of CPI data today, which is arguably the most important part of the Fed's decision-making puzzle. As soon as the numbers came out (which in fact almost perfectly matched expectations), Bitcoin immediately fell, hitting a three-week low of $76,000.

However, the bulls stepped in to help the cryptocurrency recover its lost ground within minutes. In addition, they stepped on the accelerator in the next few hours, pushing assets to nearly $80,000. Bitcoin's gains have been blocked here and is currently below $79,000, with everyone's eyes turning to next week's Fed decision.

Meanwhile, Ethereum (ETH) surged to $2,660 earlier today, setting an eight-month high, and is now stabilizing above $2,600 after a week of 6% gains. ZEC, NEAR, DOT and ICP also recorded significant gains over the seven-day cycle.

Market Data

Cryptocurrency Market Overview: September 11 Weekly Report

Market Value: 2.715 trillion US$2.715 trillion| 24-hour trading volume: US$87 billion| BTC dominance: 57.1%

BTC: US$78,750 (-0.8%)| ETH: US$2,610 (+6%)| XRP： 9 (-1%)

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