Bitcoin Soars Past $64k as US Inflation Data Beats Expectations

Bitcoin (BTC) rose to $64,733 after US June Consumer Price Index (CPI) data printed 3.5% annually, below the 3.8% market expectation.

The total crypto market capitalization climbed to $2.22 trillion, up 3.17% over the past day.

Ethereum (ETH) also saw significant gains, increasing by 5.23% to trade around $1,875, while other altcoins such as XRP, Solana, and ZEC followed suit with price increases of 10.85%, 41.35%, and 3.15% respectively.

Mizuho cut Circle's price target 41% due to increased competition from Open USD, highlighting the growing competitive pressure on stablecoin adoption.