Bitcoin Nears 65,000 Dollars After United States Inflation Cools to 3.5 Percent

A softer United States inflation reading, not any change in monetary policy, drove the move. June consumer prices rose 3.5 percent from a year earlier, below the 3.8 percent economists expected, with core inflation easing to 2.6 percent. The report sharply reduced the market's odds of a near-term Federal Reserve rate increase and lifted the assets that trade against expectations for the dollar and real yields. CoinDesk reported bitcoin climbing toward 65,000 dollars, a level it had not held for several weeks.

The rally was uneven rather than broad. Ether outpaced bitcoin, and CoinDesk noted that the inflows were concentrated, with almost all of the returning exchange-traded fund money going into BlackRock's fund while solana, TRON and hyperliquid fell. On-chain data showed two established groups of bitcoin holders selling as prices rose, a sign that longer-term owners were using the strength to reduce exposure rather than add to it.

The metals reflected the same monetary picture with smaller moves. Gold held near 4,066 dollars an ounce, roughly flat on the day, while silver traded close to 58 dollars, supported by a softer inflation reading that helps rate-sensitive buyers and pressured by a surge in crude that complicates the outlook.