Bitcoin Trades Sideways Ahead of U.S. Inflation Data Release, Hovering Around $79,000 [Crypto Briefing]

[Financial News] Bitcoin has entered a wait-and-see mode ahead of the release of U.S. inflation data.
According to CoinMarketCap, a global digital asset information platform, Bitcoin was trading around $79,000 as of 10:35 a.m. on the 8th, down 0.76% from the previous day based on a 24-hour period. Bitcoin has risen 1.03% over the past week.
Bitcoin was trading around 107 million won in the Korean won market. According to Cryprice, a global platform that compares digital asset market conditions, the Korean premium stood at 1.54%.
The market is focused on the U.S. August Producer Price Index (PPI) and Consumer Price Index (CPI), which are scheduled to be released on the 10th and 11th, respectively, local time. If the two indicators exceed market expectations, the possibility of a policy rate hike could increase alongside strong employment data.
The Digital Asset Market Clarity Act, a U.S. bill regulating the digital asset market, is another variable. The U.S. Senate is scheduled to vote on the Digital Asset Market Clarity Act on the 15th, local time. If it fails to pass this time, enactment within the year will be difficult.
The Crypto Fear and Greed Index provided by CoinMarketCap stood at 73 on the day, indicating “greed.” The index ranges from 0 to 100; readings closer to 0 are interpreted as “extreme fear,” while those closer to 100 indicate “extreme greed.”
At the same time, Ethereum was trading around $2,500, down 0.19% from the previous day. Ripple (XRP) was trading around $1.40, down 0.32%.

[email protected] Lim Sang-hyeok Reporter