Cryptocurrency Prices on September 11: Bitcoin falls below $56,800 ahead of US inflation data

economictimes.indiatimes.com:

Bitcoin, Ethereum, and Solana, as investors awaited the US consumer price index report for policy cues.

As of 1:30 pm IST, Bitcoin was down 0.9% at $56,706, while Ethereum dropped 0.92% to $2,341. Other major cryptocurrencies also saw declines: BNB fell 1.2%, Solana dropped 1.9%, XRP slipped 1%, Dogecoin fell 2.75%, Shiba Inu dropped 1.65%, and Polkadot lost 2.6%.

The U.S. Labor Department's consumer price index report for August, due later today. Although the Federal Reserve has shifted its attention to employment over inflation, the data could provide clues about future policy moves.

While the Fed is widely anticipated to cut interest rates next week, the size of the cut remains uncertain, especially after Friday’s mixed labor report. Markets are currently pricing in a 65% chance of a 25 basis point rate cut, and a 35% chance for a 50 basis point cut, according to the CME FedWatch tool.

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«Market volatility is likely with U.S. CPI data. If inflation is lower than expected, we could see a short-term rally. The Fear & Greed Index is at 37, showing