Crypto Markets Take Hit as PCE Data Fuels Market Uncertainty

Cryptocurrencies experienced a selloff on Friday, with Bitcoin and Ethereum leading the downward trend, as U.S. inflation data created market uncertainty and dampened hopes for rapid interest rate cuts. The Personal Consumption Expenditures (PCE) Index, a key gauge of inflation favored by the Federal Reserve, rose to 2.9% annually in July, signaling continued price pressures. 2.6% previously. This marked the highest level since December 2024 and contributed to a decline in Bitcoin’s price from $108,402 (down 4.08%) to $108,402 (down 4.08%) while Ethereum dropped even harder, losing 6.09% to reach $4,297.50 and a trading volume of $42.8 billion.