Bitcoin Jumps Past $64,000 as Cooling Inflation Erases Fed Rate-Hike Bets

Bitcoin surged to near $64,700 today, its strongest session in weeks, after a softer than expected U.S. inflation reading led traders to sharply scale back expectations of a Federal Reserve rate hike this month.

June headline inflation eased to 3.5% from 4.2%, while core inflation, which excludes food and energy, dropped to 2.6% from 2.9%. Because the core figure cooled too, the report undercut the strongest case for another rate increase. Odds of a near-term hike fell from 43% to 13% following the release, and the two-year Treasury yield slipped six basis points.

Crypto Market Reacts Broadly

Bitcoin rose 3.5% over 24 hours and is up 3.3% for the week, with roughly $31 billion in trading volume. Ether led gains among major tokens, climbing 5.3% to near $1,881, while HYPE, XRP, Solana, dogecoin and BNB all posted gains as well.

Oil and Equities Also Move

Brent crude rose 1% to above $85 a barrel, extending gains after Trump threatened further strikes on Iran and the U.S. resumed its blockade of Iranian shipping. Asian equities rallied broadly, with South Korea’s Kospi jumping 8.2% and SK Hynix shares climbing sharply on strong tech sentiment.