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Bitcoin jumps near $65,000 as cooling U.S. inflation cuts Fed hike odds
June CPI slowed to 3.5% and core inflation eased to 2.6%, pulling implied September rate increase odds from 43% to 13% and lifting bitcoin exchange volumes to about $31 billion over 24 hours.
Bitcoin rose about 3.6% to near $64,800 after U.S. inflation cooled more than expected, reducing traders' near term bets on a Federal Reserve rate hike, according to CoinDesk.
The June headline CPI fell to 3.5% from 4.2%, while core inflation eased to 2.6% from 2.9%, helping ease pressure on the market’s interest rate expectations as bitcoin is highly sensitive to those shifts.
CoinDesk also noted that implied odds of a rate increase dropped from 43% to 13% after the release, while the two year Treasury yield declined by six basis points, changes that helped cryptocurrencies and global equities regain risk appetite.
Ether gained too, rising about 5.3% to nearly $1,880, and other tokens including XRP, Solana, and BNB posted gains as brent crude advanced and markets tracked geopolitical risk around Iran.
Latest closeWTI crude $95.27 ▲3.4%|Brent $100.98 ▼2.0%|Bitcoin $84,310.25 ▼0.1%