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Bitcoin holds near $64,500 after PCE inflation relief

June US PCE fell on a month-to-month basis for the first time since 2020, boosting risk assets including Bitcoin.

Reported · Written up by our desk · Market Structure

Bitcoin steadied near the $64,500 area on Thursday after US inflation data eased, supporting a broader rebound in risk assets, according to Cointelegraph.

The outlet pointed to the June Personal Consumption Expenditures (PCE) index, which came in at 3.7% year-on-year, matching market expectations. It also marked the first month-on-month decline in PCE since 2020, ending an uptrend in the inflation measure.

Cointelegraph added that US stock benchmarks rose during the session, with the S&P 500 up 1.0% and the Nasdaq Composite up 2.3% at the time of writing, as a sell-off in South Korea semiconductor stocks appeared to cool.

The piece noted that the prior month, May, had shown 4.1% year-on-year PCE and described PCE as the Federal Reserve’s preferred inflation gauge, citing that it reflects adjustments in consumer spending patterns.

Latest closeBitcoin $64,723.75 ▲1.3%|S&P 500 7,316.15 ▼1.5%|Nasdaq Comp. 24,442.94 ▼1.7%

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