TL;DR:
- The US Consumer Price Index (CPI) recorded a 3.4% year-over-year increase in August 2026, while core inflation rose 0.3% month-over-month.
- The price of Bitcoin rallied more than 3% intraday, reclaiming the $79,000 level after touching an earlier low of $76,040.
- The 30-year US Treasury yield climbed to 5.309%, reaching levels not seen since June 2004.
Following the release of the US inflation report for August, Bitcoin rebounded toward $80,000, as figures broadly aligned with market forecasts. The flagship cryptocurrency responded with an intraday gain exceeding 3% on Friday, September 11, touching intraday highs near $79,837 on platforms such as Bitstamp.
The price of Bitcoin moved immediately after the US Bureau of Labor Statistics (BLS) published its official price index report. The headline year-over-year metric registered at 3.4%, while the month-over-month core CPI advanced 0.3%, coming in just one-tenth of a percentage point above consensus forecasts.
The official BLS report noted that the gasoline index rose 3.9% in August, accounting for more than one-third of the overall monthly increase. Concurrently, broader energy costs advanced 2.1% during the same period.
US equities moved in tandem with the crypto sector’s upward momentum. During the morning session, the S&P 500 gained 1%, while the Nasdaq Composite recorded an advance of 1.1%.
Pressure on bond yields and monetary policy outlook
Despite the rally in risk assets, sovereign bond markets exhibited heightened volatility. The 30-year Treasury yield surged to 22-year highs before pulling back toward 5.309%.
This upward pressure on sovereign yields coincided with a repricing of expectations surrounding the Federal Reserve. According to the CME Group FedWatch tool, the implied probability of the US central bank approving a 25-basis-point rate hike at its upcoming policy meeting jumped to 85%, up from 60% the previous week.
Financial research firms maintain a cautious stance regarding the sustainability of this crypto rebound. In a market update released Friday, QCP Capital pointed out that the rise in US yields reflects expectations of tighter monetary policy and elevated term premiums rather than underlying nominal growth.
Analysts at QCP Capital highlighted that a risk-free rate hovering near 5% without an accompanying boost in nominal economic growth typically acts as a headwind for Bitcoin. According to their assessment, this environment creates stiff competition for non-yielding assets, despite the liquidity support observed weeks prior through Treasury debt buybacks.
The primary macroeconomic catalyst will shift toward the official Federal Open Market Committee (FOMC) meeting scheduled for September 16, where the Federal Reserve will deliver its updated interest rate decision and release its revised economic projections.
