Bitcoin Hits 14-Day High Despite CLARITY Setback, Fed and BOJ Rate Hikes: Weekly Recap

It was expected to be a massively eventful week for the entire cryptocurrency industry, and it was. But first, let’s see what happened precisely seven days ago. The US CPI data had just come out, confirming that inflation is still persistent.

As such, the US Federal Reserve had all the missing pieces to its monetary puzzle, and experts predicted a rate hike on September 16.

BTC went wild after the CPI data was announced, going from $77,000 to $76,000 before it suddenly exploded to $79,800, where it was violently rejected and driven south to its starting point. All of this took place within an hour or so.

After this enhanced volatility, the market calmed during the weekend, with BTC trading sideways at around $77,000. It dipped to $76,400 on Monday before the bulls took control and drove it to $79,600 ahead of the key CLARITY Act vote a day later.