The post U.S. PPI Inflation Rises 2.7% YoY, Bitcoin Falls appeared on BitcoinEthereumNews.com. The U.S. PPI inflation data for September has come in higher than expectations, providing a bearish outlook for Bitcoin. The flagship crypto quickly dropped after the PPI report, which could cast doubt on another rate cut at the December FOMC meeting. September PPI Inflation Comes In Hot, Bitcoin Drops Bureau of Labor Statistics data shows that the September PPi inflation rose to 2.7% year-over-year (YoY), which is above expectations of 2.6%. However, the Core PPI came in at 2.6%, lower than expectations of 2.7%. Meanwhile, the monthly PPI for September came in at 0.3%, in line with expectations, and Core PPI came in at 0.1%, month-over-month (MoM), below expectations of 0.2%. Notably, the PPI inflation report has sparked a bearish sentiment, with the BTC price dropping following its release. Yahoo Finance data shows that Bitcoin has dropped from around $87,800 to below $87,000 following the inflation report. The flagship crypto is now hovering around $87,000 at press time. Source: Yahoo Finance; Bitcoin Daily Chart The PPI inflation data is significant as it could influence the Fed’s decision at the upcoming December FOMC meeting. The Fed is expected to cut rates, with the odds of a 25-basis-point cut above 80%. However, some Fed officials remain skeptical of another cut amid rising inflation. The September inflation report paints a mixed picture, as the year-over-year PPI came in above expectations while the Core PPI came in below expectations. As CoinGape reported, Fed Governor Chris Waller stated that inflation isn’t a big problem and that he expects it to keep declining toward the Fed’s 2% target. On the other hand, he remarked that there is no evidence of a rebound in the labor market, which is why he is advocating for another cut at the December FOMC meeting. Market commentator The Kobeissi Letter stated… The post U.S. PPI Inflation Rises 2.7% YoY, Bitcoin Falls appeared on BitcoinEthereumNews.com. The U.S. PPI inflation data for September has come in higher than expectations, providing a bearish outlook for Bitcoin. The flagship crypto quickly dropped after the PPI report, which could cast doubt on another rate cut at the December FOMC meeting. September PPI Inflation Comes In Hot, Bitcoin Drops Bureau of Labor Statistics data shows that the September PPi inflation rose to 2.7% year-over-year (YoY), which is above expectations of 2.6%. However, the Core PPI came in at 2.6%, lower than expectations of 2.7%. Meanwhile, the monthly PPI for September came in at 0.3%, in line with expectations, and Core PPI came in at 0.1%, month-over-month (MoM), below expectations of 0.2%. Notably, the PPI inflation report has sparked a bearish sentiment, with the BTC price dropping following its release. Yahoo Finance data shows that Bitcoin has dropped from around $87,800 to below $87,000 following the inflation report. The flagship crypto is now hovering around $87,000 at press time. Source: Yahoo Finance; Bitcoin Daily Chart The PPI inflation data is significant as it could influence the Fed’s decision at the upcoming December FOMC meeting. The Fed is expected to cut rates, with the odds of a 25-basis-point cut above 80%. However, some Fed officials remain skeptical of another cut amid rising inflation. The September inflation report paints a mixed picture, as the year-over-year PPI came in above expectations while the Core PPI came in below expectations. As CoinGape reported, Fed Governor Chris Waller stated that inflation isn’t a big problem and that he expects it to keep declining toward the Fed’s 2% target. On the other hand, he remarked that there is no evidence of a rebound in the labor market, which is why he is advocating for another cut at the December FOMC meeting. Market commentator The Kobeissi Letter stated…

                                                                               Lawmakers in the US House of Representatives and Senate met with cryptocurrency industry leaders in three separate roundtable events this week.                     Members of the US Congress met with key figures in the cryptocurrency industry to discuss issues and potential laws related to the establishment of a strategic Bitcoin reserve and a market structure.On Tuesday, a group of lawmakers that included Alaska Representative Nick Begich and Ohio Senator Bernie Moreno met with Strategy co-founder Michael Saylor and others in a roundtable event regarding the BITCOIN Act, a bill to establish a strategic Bitcoin (BTC) reserve. The discussion was hosted by the advocacy organization Digital Chamber and its affiliates, the Digital Power Network and Bitcoin Treasury Council.“Legislators and the executives at yesterday’s roundtable agree, there is a need [for] a Strategic Bitcoin Reserve law to ensure its longevity for America’s financial future,” Hailey Miller, director of government affairs and public policy at Digital Power Network, told Cointelegraph. “Most attendees are looking for next steps, which may mean including the SBR within the broader policy frameworks already advancing.“Read more