Bitcoin whipsaws, heads toward $19,000 as U.S. PCE inflation data comes in hot
Bitcoin traded down following consumer spending data in the U.S.
Core personal consumer expenditures (PCE) month-on-month was 0.6%, above estimates of 0.5%, and meanwhile the annual change in PCE was 6.2% in August, higher than estimates of 6%. Bitcoin was trading at $19,301, down 1.2% in the past hour, according to data via Coinbase.
The PCE index is a measure of the price people living in the U.S. pay for goods and services, or those buying on behalf of others. The index is typically used as a means of capturing inflation, or deflation, across a range of consumer goods.
It can also reflect changes in consumer behavior, giving a more comprehensive overview of the inflation picture than the consumer price index (CPI).
source: bea.gov
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Author: Adam Morgan McCarthy
