On Wednesday morning in the U.S., Bitcoin experienced a slight decline of 0.3%, trading at approximately $83,700. Market participants are anticipating the release of the personal consumption expenditures (PCE) price index, which is the Federal Reserve's preferred measure of inflation, expected to indicate a rise in inflation for August.
If the inflation figures exceed expectations, it could intensify speculation regarding interest rate hikes, which have already contributed to a significant selloff in the bond market this month. Meanwhile, Brent crude oil has surged past $103 per barrel and has increased roughly 14% in September, despite crude oil supplies from the Middle East returning to levels seen before the conflict. U.S. Treasury yields steadied after the 30-year yield reached its highest level since 2002, while the U.S. dollar remained close to its strongest point since July.
Ether saw a 0.7% decline, bringing its price to about $2,690. The HYPE token fell nearly 2%, marking the largest drop among major cryptocurrencies, while XRP and TRX each experienced gains of less than 1%, according to data from CoinDesk.
According to CryptoQuant, a firm specializing in on-chain analysis, Bitcoin's spot demand has decreased by approximately 170,000 BTC over the last month. Additionally, demand in the futures market has plummeted by 90% since September 14.
Micron Technology is set to release its earnings report after the U.S. market closes, which will serve as an indicator for AI-related stocks that have helped mitigate losses in the S&P 500 amid the bond market turmoil.