Bitcoin nears $65,000 as cooling U.S. inflation guts the Fed rate-hike trade
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- Bitcoin rose 3.6% to near $64,800 after U.S. CPI data showed headline inflation slowed to 3.5% and core inflation to 2.6%, its best session in weeks.
- Federal Reserve rate-hike odds collapsed from 43% to 13% for July after the June inflation print, shifting market focus to the September FOMC meeting for next directional cues.
- Jeff Ko of CoinEx stated bitcoin remains a rate-sensitive risk asset, with the latest data reducing immediate downside pressure but not ensuring a durable breakout.
- Ether gained 5.3% to nearly $1,880, outperforming bitcoin, while Solana, XRP, and HYPE also posted gains between 3.6% and 6.4%.
- CEX trading volumes rose 15.3% in June to $1.11 trillion in spot markets, the first monthly increase in five months, with RWA perpetual volumes hitting a record $311 billion.
- Brent crude advanced 1% to over $85 a barrel for three straight days, surging 11% in two sessions as Trump threatened further strikes on Iran and the U.S. resumed blocking Iranian shipping.
Why it matters: Cooler inflation shifts the Fed’s stance from hiking to holding, freeing capital to flow into risk assets like crypto. Bitcoin’s 3.6% jump and record perpetual volumes signal renewed investor appetite, but with core inflation still above 2%, the September FOMC meeting becomes the next critical inflection point for sustained momentum.
