Bitcoin Ticks Up to $64K Following Largest Inflation Slowdown in Six Years

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U.S. consumer prices fell 0.4% in June, denting rate hike expectations and marking the largest monthly decline since April 2020. Bitcoin and Ethereum trended higher, keeping one analyst’s $100,000 quarter-end price target within reach. Despite the positive inflation report, escalating conflict between the U.S. and Iran over the Strait of Hormuz continues to shadow the market. Bitcoin ticked above $64,000 Tuesday morning, after a widely watched inflation gauge showed consumer prices cooling more than expected in June—bolstering expectations that the Federal Reserve will leave interest rates untouched at the conclusion of its next policy meeting. The Consumer Price Index fell 0.4% month-over-month in June, the U.S. Bureau of Labor Statistics said on Tuesday. Economists expected the index, which tracks price changes across a broad range of goods and services, to post a 0.1% decline for the period. Following the report’s release, Bitcoin steadied around $64,300, up 2.3% on the day, according to CoinGecko data . Bitcoin’s price surge nevertheless lagged behind Ethereum , which posted a 5.4% increase to around $1,890 during the same timeframe.

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U.S. inflation indicators saw their sharpest deceleration in six years, pushing Bitcoin back above the $64,000 level. As inflationary pressure eases, expectations of a Federal Reserve interest rate cut are spreading across the market. Investors are closely monitoring whether this data will boost risk appetite and are considering portfolio adjustments.

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