Bitcoin Price Slides Below $60K on U.S. CPI Data

The chart of the day is presented by crypto.com, the leading crypto platform trusted by over 100 million users worldwide. Let's take a look at the chart of the day. Inflation in July for the US came in as expected and the stage continues to be set for the Federal Reserve to begin cutting rates at its upcoming mid-september meeting. According to the US Bureau of Labor statistics, the consumer price index rose 0.2% in July. That's up from a decline of 0.1% in June and against expectations for 0.2% on a year over year basis. The CP I was higher by 2.9% versus 3% expected and 3% in June. Bitcoin briefly surged above $61,000 in early Asian trading hours before retreating. As of 10 a.m. Eastern time. The leading Cryptocurrency is fairly unchanged trading at $59,500. That's it for today's chart of the day. I'm Jen Sani. We'll see you next time to unpack more of the data behind top news stories.