Bitcoin whipsaws, heads toward $19,000 as U.S. PCE inflation data comes in hot
Quick Take
- Bitcoin was trading around $19,300 today following worse-than-expected PCE results.
- Core PCE came in at 0.6% month-on-month.
- This measures the prices people living in the U.S. pay for goods and services.
Bitcoin traded down following consumer spending data in the U.S.
Core personal consumer expenditures (PCE) month-on-month was 0.6%, above estimates of 0.5%, and meanwhile the annual change in PCE was 6.2% in August, higher than estimates of 6%. Bitcoin was trading at $19,301, down 1.2% in the past hour, according to data via Coinbase.
The PCE index is a measure of the price people living in the U.S. pay for goods and services, or those buying on behalf of others. The index is typically used as a means of capturing inflation, or deflation, across a range of consumer goods.
RELATED INDICES
It can also reflect changes in consumer behavior, giving a more comprehensive overview of the inflation picture than the consumer price index (CPI).
source: bea.gov
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
