Soft U.S. inflation data for August is — at least temporarily — pushing crypto prices higher early Wednesday.

The Producer Price Index (PPI), which measures inflation at the wholesale level, fell 0.1% month-over-month in August, compared to analyst estimates of a 0.3% rise and the previous month's 0.9% increase. Year-over-year, PPI grew by 2.6%, down from 3.1% previously and sharply lower than forecasts for 3.3%.

The core PPI, which strips out food and energy costs, also fell 0.1% in August verus a forecats rise of 0.3% and July's rise of 0.7%. Year-over-year core PPI rose just 2.8% against estimates for 3.5% and July's 3.4%.

Reaction in crypto markets was swift, with bitcoin (BTC) rising to $113,700 at press time, ahead more than 1% over the past 24 hours. Ether (ETH) rose by a similar

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