Grayscale executive says August U.S. CPI may act as crypto market speed bump

Grayscale Head of Research Zach Pandl said August U.S. consumer price index data could have a temporary negative effect on the crypto market. In a post on X, Pandl said a higher CPI reading would imply a greater likelihood of a Federal Reserve rate hike, which could act as a "speed bump" for crypto, though he expects any pullback to be limited. Pandl added the dip could present a good opportunity for investors who missed the chance to buy during August’s sharp rally. The U.S. Department of Labor said today that August CPI rose 3.4% from a year earlier, in line with market expectations of 3.4%. On a monthly basis, CPI increased 0.4%, also matching forecasts of 0.4%.