India, Aug. 29 -- Most cryptocurrencies are in correction mode as markets digest the latest PCE-based inflation readings from the U.S. that came in on expected lines. The firming of core inflation is feared to dampen rate cut expectations from the Fed. Overall cryptocurrency market capitalization has declined close to 3 percent overnight.
Data released on Friday morning by the U.S Bureau of Economic Analysis showed year-on-year PCE price index remaining steady at 2.6 percent in July, matching expectations. As feared, the core component edged up to the 5-month high of 2.9 percent from 2.8 percent in June. The month-on-month PCE price index edged down to 0.2 percent from 0.3 percent in June on expected lines. The core component thereof also ...