Live updates: Bitcoin rises past $63,000 after inflation softened in June
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- U.S. core CPI was flat in June versus a 0.2% forecasted rise, and the year-over-year rate fell to 2.6% from a projected 2.8%, according to new data.
- July rate hike odds collapsed to 12% after the CPI report, down from nearly 50% just before the data release, based on market pricing.
- Fed Governor Chris Waller had signaled he would support a July rate hike if core inflation didn’t recede, intensifying trader bets ahead of the data.
- September rate hike odds remain unchanged at 51.2%, indicating markets still expect tightening later despite the near-term dovish shift.
- Bitcoin rose above $63,000 following the inflation report, as lower rate-hike expectations boosted risk asset sentiment.
Why it matters: The sharp drop in July rate-hike odds from near 50% to 12% breaks recent market momentum and gives temporary relief to risk assets like Bitcoin, which gains value when funding costs are expected to stay low — a shift driven directly by one data release.
