📣 Bitcoin climbs above $65K as weak PPI rattles Fed hawks
➡️ Bitcoin has climbed above $65,000 after softer-than-expected U.S. producer inflation reduced expectations of a Federal Reserve rate hike later this month. The total crypto market gained more than 2% to climb above $2.3 trillion, while Bitcoin reclaimed the $65,000 level and Ethereum moved above $1,900 for the first time since early June.
🔖 The Bureau of Labor Statistics reported that headline PPI fell 5.5% year over year in June, below the 6.2% consensus estimate. On a monthly basis, producer prices declined 0.3%, the sharpest monthly drop since April 2025. Core PPI, which excludes food and energy, rose 4.7% from a year earlier, also below the expected 5.1%, while the monthly increase slowed to 0.2%, missing expectations of 0.3%.
⚠️ Coming one day after a softer CPI report, the latest inflation figures strengthened investor confidence that price pressures continue to ease. The June CPI release had already lifted Bitcoin and the wider crypto market after recording the largest monthly decline in consumer prices since April 2020.