Bitcoin Blasts Past $65K on Soft US Inflation Data

The US Producer Price Index (PPI) for June came in at 5.5%, lower than expected, and down from prior readings.

This softer-than-expected inflation data sparked a rally across markets, with Bitcoin breaking above $65,000 for the first time in recent sessions.

The PPI print suggests that the Federal Reserve has room to cut interest rates later this year, which contributed to lower Treasury yields and a weaker US dollar.

This combination of factors lifted stock futures, particularly those related to semiconductors, as well as gold and cryptocurrencies, with Bitcoin leading the way with a 5% gain over the past week.