Bitcoin Breaks $65K Barrier as Inflation Worries Ease

The price of Bitcoin has risen above $65,000 US as inflation worries ease in the US. The Producer Price Index (PPI), a gauge of wholesale costs in America, declined by 0.3% in June, which was less than expected.

This is the second straight day of positive inflation reports in the US, following an unexpectedly sharp decline of 0.4% in the Consumer Price Index (CPI) in June. Crude oil prices also dropped sharply after a ceasefire between the US and Iran.

The softening of inflation takes pressure off the US Federal Reserve to raise interest rates, which is good news for risk assets like cryptocurrencies.