US Inflation Slows More Than Expected, Bitcoin Rises Nearly 2%
US consumer prices fell 0.4% in June m/m versus a forecast decline of 0.1%. Annual inflation slowed from 4.2% to 3.5%, and core CPI came in at 2.6% vs 2.8% expected. Bitcoin surged to near $64,000 on the news.
The US Bureau of Labor Statistics reported that the Consumer Price Index (CPI) dropped 0.4% in June month-over-month, significantly exceeding the market consensus of a 0.1% decline. On an annual basis, inflation slowed from 4.2% to 3.5%. Core CPI, which excludes food and energy, rose 2.6% year-over-year, below the anticipated 2.8%.
Following the release, Bitcoin jumped nearly 2% and briefly approached the $64,000 level. Other major cryptocurrencies also moved into positive territory, tracking the leading digital asset's upward momentum.
Source: ForkLog