BTC Volatility Returns, ETH Taps 8-Month High, While CPI Sets the Stage for the Fed: Weekly Recap

The past week saw some major gains from the likes of ZEC, NEAR, DOT, ICP, and others. What a wild end to the business week we just experienced after the release of the final piece of the Fed puzzle – the CPI data. But before we get into the details of what happened earlier today, let’s quickly recap the events from the past week. A week ago, the US jobs report for July had come out, which was substantially stronger than anticipated. Markets reacted immediately as it gave the Fed more leeway to hike the rates in the upcoming FOMC meeting on September 15-16. BTC was already stopped at $82,400 earlier that day, but the report led to another massive sell-off, and the asset slumped below $79,000 in minutes. It rebounded during the weekend and even challenged $80,000 once again on Monday, but to no avail. The subsequent leg down was more gradual and led to a drop to $77,600 a day later. The bulls tried to retake control and drove BTC north to $79,400 twice on Wednesday, but the asset couldn’t push through. Instead, it slipped to $77,000 after the first inflation data of the week, the PPI. More volatility was expected today before and after the release of the CPI data, which is arguably t...