CoinDesk·4 min read·hard
Bitcoin nears $65,000 as cooling U.S. inflation guts the Fed rate-hike trade
S
Shaurya Malwa
✦AI Summary
Bitcoin and other cryptocurrencies rallied as cooling U.S. inflation data reduced the likelihood of further Federal Reserve interest rate hikes. Meanwhile, oil prices surged due to geopolitical tensions involving the U.S. and Iran.
June headline inflation fell to 3.5% from 4.2%, and core inflation, which strips out food and energy, eased to 2.6% from 2.9%. Cooling in the core measure means the relief is not just cheaper energy, and it takes the strongest argument for another hike off the table.
economycryptobusiness
✦
Get the full story
Sign up for Headlinne to unlock AI insights, political bias analysis, and your personalized news feed.
Create free accountAlready have an account? Sign in