"" Bitcoin Falls Near $63,500
Bitcoin fell to near $63,500 on Thursday, down over half a percent on the day and almost 2% on the week, as an in-line U.S. inflation report proved enough to calm nerves but not enough to move the market.
Cryptocurrencies React
Hyperliquid's HYPE rose 3% to $56, while Tron added marginally to just under 34 cents. Dogecoin dropped almost 3% to 7 cents, XRP over 1% to $1, and BNB over 1% to $610. Everything else fell.
Inflation Report Calms Nerves
July's numbers landed almost exactly where economists expected. Headline inflation rose 0.1% on the month and 3.4% on the year, with the core measure that strips out food and energy up 0.2% and easing to 2.5%.
Fed Rate Rise Odds Trimmed
The inflation report trimmed the odds of a Federal Reserve rate rise in September, which futures markets cut to about 38% from 46% before the release.
Next Tests Ahead
The next tests are the Jackson Hole gathering of central bankers later this month, the Sept. 4 jobs report, and the Sept. 11 inflation release.
Equities React Positively
Equities took the news better, with MSCI's Asia Pacific index rising almost 1% and Korea's Kospi rallying almost 4% into a technical bull market.
Cryptocurrency News
Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.
