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Bitcoin steadies near $64,000 after CPI matches expectations

July headline CPI rose 0.1% month over month and 3.4% year over year, while Treasury yields fell, helping risk assets hold up and leaving September rate-hike odds at 44%.

Reported · Written up by our desk · Market Structure

CoinDesk reports that U.S. July CPI came in as expected, with headline inflation up 0.1% month over month and 3.4% year over year. Core CPI also matched forecasts, rising 0.2% month over month and 2.5% year over year.

In crypto markets, bitcoin held near $64,000 after the report, briefly dipping to around $64,080 before stabilizing and trading largely flat over the prior 24 hours, according to CoinDesk.

The CPI data also kept Treasury yields under pressure. The two-year yield hovered around 4.19% (down 3.6 basis points) and the 10-year yield around 4.66% (down three basis points), CoinDesk said, with Nasdaq 100 futures about 0.7% higher.

Following the inflation release, market pricing for Federal Reserve action shifted modestly, with the CME FedWatch Tool showing a 44% probability of a September rate hike, down from 48% before the CPI report. CoinDesk also noted that analysts said the lack of an upside inflation surprise reduced near-term threats to risk assets, though they did not expect a major dovish repricing on the CPI alone.

Latest closeBitcoin $81,906.63 ▼1.4%|Nasdaq Comp. 27,193.34 ▼1.2%

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