Live markets: Bitcoin slips to $63,000 as the chip rout goes global
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- Bitcoin climbed to a three-week high above $62,000 after softer-than-expected July inflation data eased fears of near-term Fed rate hikes.
- WTI crude oil futures are on track for their biggest weekly gain since mid-April, surging nearly 12% on the week.
- The cooler July inflation print was largely driven by last month's oil price drop, which the source says is "now starting to look stale" as oil reverses.
- Bitcoin has given back ground to trade below $64,000 (around $63,000), with the source flagging that renewed oil-driven inflation worries could drag BTC lower.
Why it matters: The macro tailwind that pushed Bitcoin above $62,000 — the prospect of Fed rate cuts — was built on oil-led disinflation. With WTI surging nearly 12% on the week, that disinflation narrative is at risk of unwinding, and BTC is already showing vulnerability by sliding back below $64,000.
