Bitcoin (BTC) extended losses at the Sept. 11 Wall Street open as positive United States macro data failed to lift crypto markets. The BTC price weakness continued, taking BTC/USD below $56,000 despite the smallest year-on-year CPI increase since February 2021.

The August print of the Consumer Price Index (CPI) showed inflation slowing in line with expectations, coming in at 0.2% month-on-month and 2.5% year-on-year. This was the smallest 12-month increase since February 2021, according to data from the US Bureau of Labor Statistics.

However, Bitcoin dismissed the on-point CPI print, with daily BTC price losses passing 3%. Now under $56,000, BTC/USD shrugged off the positive macro data, as a US sell-off took its toll on the cryptocurrency market.

CME Group's FedWatch Tool reflected changing market bets on how the Federal Reserve would reduce interest rates at its Sept. 18 meeting. Odds of a smaller 0.25% rate cut stood at 85% at the time of writing, up from 66% the day prior.

Source: https://cointelegraph.com/news/bitcoin-dismisses-cpi-print-daily-btc-price-losses-pass-3

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