Key facts
- Bitcoin's price exceeded $65,500.
- U.S. inflation data, specifically the Producer Price Index (PPI), was cooler than expected.
- The softer inflation data decreased market expectations for a Federal Reserve interest rate hike.
- The overall crypto market capitalization surpassed $2 trillion.
Bitcoin's price experienced a significant increase, surpassing the $65,500 mark. This surge followed the release of U.S. inflation data, specifically the Producer Price Index (PPI), which indicated a cooler-than-expected inflation rate. The softer inflation figures have led to a reduction in market bets on the Federal Reserve implementing further interest rate hikes. Consequently, the broader cryptocurrency market has seen a rise, with its total capitalization now exceeding $2 trillion.