Bitcoin Bull Market Continues Despite U.S. Inflation Rise and Market Profit Taking

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Bitcoin,U.S. Inflation,Big Tech

CNBC Daily Open highlights core inflation rise in the U.S., Bitcoin's contrasting performance to U.S. indexes, and the financial sector's outperformance. Investors are taking profits from Big Tech stocks, with a high expectation for Federal Reserve rate cuts.

This report is from today's CNBC Daily Open, an international markets newsletter. It highlights how core inflation rose 0.3% in a month and 2.8% annually, higher than the previous month's 2.7%. Bitcoin's price movement was contrary to U.S. indexes, falling on Wednesday, but Galaxy Digital's Alex Thorn believes the bull market for bitcoin has legs. The financial sector has been the best-performing group this year, with traders taking profits from Big Tech stocks before a holiday weekend.

Despite a small rise in inflation, investors remain unfazed, with a 64.7% chance of the Federal Reserve lowering rates by 25 basis points in December

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