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Bitcoin sits near $62,000 as CPI, Fed testimony, and Hormuz blockade loom
Bitcoin traded roughly 3.1% lower after an intraday range of $64,273 to $61,794, as oil jumped and markets repriced Fed rate odds ahead of CPI and Fed Chair Kevin Warsh testimony.
Bitcoin was trading near $62,172, down about 3.1% after a session that swung between an intraday high of $64,273 and a low of $61,794, with multiple catalysts lined up over the next 24 hours, according to CryptoSlate.
The timing centers on June CPI at 8:30 a.m. ET Tuesday, followed by Fed Chair Kevin Warsh's semiannual testimony before Congress at 10:00 a.m. ET, and the start of US military enforcement of a blockade against Iranian shipping at 4:00 p.m. ET. Economists expect headline CPI to fall about 0.2% for the month, bringing annual inflation to roughly 3.8% from May's 4.2%, a figure that the article links to lower gasoline prices during a temporary US-Iran ceasefire in June.
The CPI reading comes against a shift in energy and rate conditions. The article notes oil settled more than 9% higher on July 13, with Brent closing at $83.30 and WTI at $78.14 after news that the US blockade would intensify concerns around shipping through the Strait of Hormuz, a move that also coincided with higher Treasury yields and a firmer dollar.
Ahead of the data, the article says markets have priced roughly a 40% chance of a July rate hike, up from about 35% earlier in the day, with stronger odds by September. It adds that the day could set up a reaction pattern where any early relief fades into a later shock risk tied to whether the Hormuz enforcement stays limited to Iranian-linked shipping or broadens disruption.
Latest closeWTI crude $95.27 ▲3.4%|Brent $100.98 ▼2.0%|Gasoline (RBOB) $3.379 ▼5.8%