Bitcoin Surges Past $64,000 as Crypto Market Capitalization Tops $2.3 Trillion

Bitcoin's price surged on July 14, reaching a fresh multiweek high of $64,913 before stabilizing around $64,500. The cryptocurrency's market capitalization passed $2.3 trillion as it gained 4.2% in value. This sharp turnaround came after Bitcoin struggled to breach the $63,000 mark earlier in the day.

The rally was driven by long positions and short-bet liquidations, with Coinglass data showing that $277 million in short bets were closed out compared to just $8 million in long bets. The total crypto market capitalization benefited from this surge, passing $2.3 trillion for the first time.

The Federal Reserve's decision to keep hiking rates was partially offset by lower-than-expected inflation data, which showed June inflation at 3.5% year-over-year. However, with oil prices still elevated due to Middle East tensions, the prospects of a rate cut remain dim.