Bitcoin hits record high as traders expect liquidations to propel BTC above $125K

Bitcoin set another all-time high at $123,231 after US Consumer Price Index data showed July inflation was unchanged month-on-month and up 2.7% year-on-year.

Bitcoin (BTC) price hit a new all-time high above $123,231 on Wednesday on Coinbase, following a similar performance from the S&P 500 which rallied to a record high of 6,457.

Bitcoin’s ascent to new highs comes one day after the July US CPI print showed inflation holding at 2.7% year-over-year, which was unchanged from June and below the forecast 2.8%. The data showed overall CPI increasing 0.2% versus a 0.3% increase in June.

Following the report’s release, the CME FedWatch tool showed the market odds of an interest rate cut at the Federal Reserve’s September meeting rising to 93.9%.

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