Bitcoin Surges Past $64K as Inflation Slows to 3.5%

Bitcoin's price surged above $64,000 on Tuesday morning, following a report from the U.S. Bureau of Labor Statistics that showed consumer prices cooling more than expected in June.

The Consumer Price Index fell 0.4% month-over-month in June, beating economists' expectations of a 0.1% decline for the period.

Falling energy costs drove the inflation slowdown, offsetting rising food and shelter costs. On an annual basis, inflation slowed to 3.5%, decreasing for the first time in five months.

Analysts see this as a hopeful sign for crypto, with Fabian Dori, CIO at Sygnum, stating that it represents 'the first real indication that the energy-driven impulse from the spring is fading rather than broadening.'