Bitcoin Tops $65K on CPI drop
Bitcoin climbed above $65,000, with multiple sources attributing the move to the June CPI print showing a 0.4% decline and positive sentiment around the CLARITY Act's Senate progress. The price reached at least $65,500 intraday.
Bitcoin Rally: cooling inflation, warming war
The Producer Price Index just posted its biggest monthly drop in over a year, and Bitcoin bounced 2%. Softer inflation means the Fed stays loose, loose money is good for risk assets, Bitcoin goes up.
But the same article that reports the bounce notes that Trump is threatening to hit Iranian power plants and has pledged to seize control of the Strait of Hormuz. Energy prices drove most of June's inflation relief. A hot war near the world's most critical oil chokepoint is a very direct path to energy prices reversing — and with them, the whole story that just gave Bitcoin its bounce.
The macro tailwind and the macro headwind are pointed at the same variable. That tension doesn't resolve cleanly.
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- Crypto ETF wave expandsInstitutional access expansion supporting Bitcoin price gains
2 sources
- Bitcoin Price Jumps Over $65,500 on Soft Inflation Data · bitcoinmagazine.com · T1
- Bitcoin climbs above $65K on reduced inflation and Clarity Act boost · fxstreet.com · T2