Bitcoin Surges Above $65k on Weaker Inflation Data

Bitcoin's price surged above $65,000 as the US Producer Price Index showed softer inflation than expected. This development reduced market expectations for a Federal Reserve interest rate hike in July, boosting risk appetite across traditional and crypto markets.

The total crypto market capitalization rose above $2.3 trillion, reflecting renewed investor confidence. Despite the positive market reaction, Federal Reserve officials caution that inflation remains a focus and rate decisions will depend on ongoing data.

Ethereum also saw significant gains, passing $1,900 as investors continued to bet on its future price growth. The weaker inflation readings have boosted risk appetite, with some analysts pointing to Cardano as a secure and balanced crypto safe haven amid market fear and Bitcoin's slump.