Bitcoin Edges Higher as US Core Inflation Eases to 2-Year Low

Bitcoin rose after the US inflation report showed core consumer prices rising less than expected in May. The world's largest cryptocurrency climbed toward the $63,000 mark as investors welcomed signs of easing underlying US inflation.

The US Bureau of Labor Statistics reported headline consumer inflation rose 0.5% month-over-month in May, matching economists' forecasts. However, core inflation, which excludes volatile food and energy prices, rose just 0.2%, below expectations of a 0.3% rise.

Despite the European Central Bank's first interest rate hike since September 2023, markets focused on the softer US core inflation figures rather than the ECB's decision. The deposit facility rate increased to 2.25%, while the main refinancing rate rose to 2.40%.