After U.S. Court of Appeals Circuit Judge Neomi Rao sided with the Grayscale Bitcoin Trust in its case against the U.S. Securities and Exchange Commission (SEC) on Aug. 29, many large institutions filed for exchange-traded funds (ETFs).

There is also growing institutional interest in Bitcoin from companies like BlackRock and Fidelity Investments. While both institutions had BTC spot ETF approvals delayed on Sept. 2, the $1.5 trillion asset manager Franklin Templeton filed with the SEC for a spot Bitcoin ETF on Sept. 12.

Bitcoin's price and equities markets gained momentum after the release of the CPI report. According to the report, the overall CPI rose 3.7% in August, higher than the 3.2% in July.

The market seemed to view energy price rises as temporary, particularly for gasoline, which showed a 10.6% monthly increase. Although gasoline costs are the second-largest expense for households, prices are down on an annual basis.

The annual core CPI model, which measures all items minus food and energy, showed more positive data. August annual core CPI came in at 4.3%, which is less than the previous month’s jump of 4.7%. Still, outliers may be providing confidence to the overall market. The United States Bureau of Labor Statistics noted on annual core CPI:

“The shelter index increased 7.3 percent over the last year, accounting for over 70 percent of the total increase in all items less food and energy.”

https://cointelegraph.com/news/why-is-bitcoin-price-up-today