Bitcoin rebounds amid rate hike bets

Bitcoin experienced a slight recovery today as markets continue to anticipate the U.S. interest rate hike decision, following inflation data that aligned with expectations. This reduced concerns about a sudden spike in inflation. Bitcoin rose by 1.9% to approximately $78,915, although it remains in a weekly loss of about 2%, ending a streak of three consecutive weeks of gains. The August inflation data, which came in higher than expected, increased the likelihood of the Federal Reserve raising interest rates next week, with market expectations leaning towards reinforcing the outlook for higher interest rates in the near future.

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