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Bitcoin rises above $65,500 after softer US inflation data
US producer prices fell in June, and Bitcoin traded roughly from $61,507 to above $65,500 over the prior seven days.
Bitcoin climbed above $65,500 per coin on Wednesday after US inflation data came in cooler than expected, according to Bitcoin Magazine.
The Labor Department said the Producer Price Index posted its biggest decline in 14 months, with the PPI excluding food and energy down 0.3% in June, adding to expectations that interest rates could eventually fall.
Bitcoin Magazine also noted that the cryptocurrency has been volatile since US and Israel attacked Iran on February 28, with the latest moves tied to President Trump saying the US would take control of the Strait of Hormuz and intensify actions until Tehran agrees to open the waterway.
The outlet added that Bitcoin is down nearly 30% since the start of the year and remains close to 50% below its October record near $126,080, while June saw US investors fast cash out of spot Bitcoin exchange-traded funds amid inflation uncertainty and a shift toward artificial intelligence-related stocks.
Latest closeBitcoin $65,023.41 ▲0.1%