Bitcoin rebounds to $113,000 level on falling price index [CryptoBriefing]

[Financial News] Bitcoin rebounded to the $113,000 level on the 11th. This is attributed to the growing expectation of a rate cut as the U.S. Producer Price Index (PPI) fell.
According to the global virtual asset information platform CoinMarketCap, Bitcoin is trading at $113,000, up 2.56% from the previous day (24-hour basis) as of 10:20 a.m. that day. After recovering to the $110,000 level since the 2nd, Bitcoin maintained the $111,000~$112,000 level and once rose to the $114,000 level that day.
Bitcoin is trading at 158 million won in the won market. According to the global virtual asset market comparison platform CryPrice, the Korean premium is 0.44%.
The U.S. Department of Labor announced on the 10th (local time) that the PPI for August fell 0.1% from the previous month. This is well below the 0.3% increase expected by experts. The year-on-year growth rate was 2.6%, below the 3.3% expected by experts.
As a result, the possibility that the U.S. Federal Reserve (Fed) will cut rates this month has increased. The Fed is scheduled to decide on rates after the regular meeting of the Federal Open Market Committee on the 16th and 17th. The market is also growing in anticipation of a 'big cut' of 0.5%p (points).
Other virtual assets besides Bitcoin also seem to be affected by the expectations. At the same time, Ethereum is trading at $4,370, up 1.84% from the previous day. XRP (Ripple) is trading at $2.99, up 1.55%.

yimsh0214@fnnews.com Sanghyuk Lim, Reporter