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Bitcoin (BTC-USD) is set for a weekly rise of 2.7%, in a week that saw retail inflation ease, while wholesale inflation came in hotter than expected.
The world’s oldest cryptocurrency stayed under the $60K mark throughout the week, but hovered around the point, on Thursday.
BTC had climbed to ~$59K on Thursday on the back of a softer retail inflation report. The consumer price index continued to ease in June, which boosted hopes for rate cuts in the year.
The CPI edged down 0.1% M/M in June, less than the 0.1% increase expected and the 0.0% figure in May, according to the U.S. Bureau of Labor Statistics’ report. Along with similar progress in the core CPI numbers, inflation is staying on the path toward the Federal Reserve’s 2% goal.
The producer price index, however, rose 0.2% M/M in June, more than the +0.1% expected and rebounding from a 0.2% decline in May.
“With this latest inflation report coming in below expectations, the market is facing an increased likelihood of rate cuts, which would be a tailwind to asset prices including Bitcoin,” said Cory Klippsten, CEO of Swan, a Bitcoin financial services firm.
However, the cryptocurrency retreated to ~$57K after the initial rally.
Bitcoin (BTC-USD) is coming off a difficult period, as last week BTC saw a weekly drop of 6.5% as defunct Japanese exchange Mt. Gox started its payout process.
“Bitcoin is consolidating in a corrective pattern before advancing to 100k,” SA analyst BullBear Trading said.
“Fearish market sentiment may indicate bottom for recovery rally,” BullBear Trading added.
Notable News
CME (CME) and CF Benchmarks plan to roll out two new crypto reference rates and real-time indices for XRP (XRP-USD) and Internet Computer (ICP-USD), starting July 29.
MicroStrategy (MSTR) is set to execute a 10-for-1 stock split of its class A common stock and class B common stock “to make its stock more accessible to investors and employees.”
Core Scientific (CORZ) will be the first customer for Block’s (SQ) new Bitcoin mining chip, as part of a project to decentralize the Bitcoin mining ecosystem.
Digital asset investment products recorded $441M of net inflows last week, bucking a three-week string of net outflows, CoinShares.
$1.38B worth of cryptocurrency was lost to hackers and network exploits in H1 2024, over a twofold rise from the corresponding period last year, blockchain research firm TRM Labs said on Friday.
Bitcoin, Ether prices
Bitcoin (BTC-USD) rose 0.9% to $58.2K at 3:15 pm on Friday, and Ether (ETH-USD) increased ~0.2% to $3.1K.
