{"id":81613,"date":"2023-07-12T15:33:27","date_gmt":"2023-07-12T12:33:27","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=81613"},"modified":"2025-09-11T23:59:50","modified_gmt":"2025-09-11T20:59:50","slug":"us-inflation-slows-bitcoin-rallies","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/us-inflation-slows-bitcoin-rallies\/","title":{"rendered":"US inflation slows; Bitcoin rallies"},"content":{"rendered":"

US inflation slowed year-on-year in June, from 4% to 3%, undershooting economists’ forecast of 3.1%. Bitcoin jumped to around $31,000, lifting its daily gain to about 1%.<\/p>\n

In month-on-month terms, prices rose 0.2% \u2014 twice the pace of May \u2014 but came in above economists’ expectations (0.3%).<\/p>\n

Core inflation, which excludes food and energy, was 4.8% year-on-year and 0.2% month-on-month. The previous readings were 5.3% and 0.4% respectively.<\/p>\n

Analysts had anticipated figures around 5% y\/y and 0.3% m\/m.<\/p>\n

Data published by the U.S. Bureau of Labor Statistics raises the likelihood that the Fed<\/span> may be limited to a single rate hike rather than two before year-end.<\/p>\n

The release boosted risk appetite in global markets. S&P 500 futures rose about 0.67%. The euro added around 0.4% against the dollar. Against a softer greenback, gold rose about 0.6%.<\/p>\n

Initial positive reaction in Bitcoin was followed by selling. BTC prices, 30 minutes after the data release, retraced to pre-release levels.<\/p>\n

\"image-445\"
5-minute BTC\/USDT chart on Binance. Data: TradingView<\/a>.<\/figcaption><\/figure>\n

A similar dynamic appeared in Ethereum. The second-largest cryptocurrency\u2019s price rose to around $1,900, before retreating to levels observed before the macro data release.<\/p>\n

\"image-444\"
5-minute ETH\/USDT chart on Binance. Data: TradingView<\/a>.<\/figcaption><\/figure>\n

According to CoinGecko<\/a>, all top-10 cryptocurrencies by market cap over the past hour showed a muted reaction \u2014 down 0.3% for BNB to up 1.5% for Solana.<\/p>\n

\n
\"image-446\"
Data: CoinGecko.<\/figcaption><\/figure>\n<\/div>\n

Data from the release did not materially alter expectations for a potential Fed rate hike at the July 25\u201326 meeting. The probability of such a move slipped from 93% on the eve to 92.4%, according to the CME Fed Watch.<\/p>\n

The prospect of further tightening this year became even less certain. In September, the odds of such a scenario fell from 1:3 to 1:7.<\/p>\n

\n
\"image-447\"
Data: CME Fed Watch<\/a>.<\/figcaption><\/figure>\n<\/div>\n

Analysts at Nansen concluded<\/a> that for the start of a Bitcoin bull market regulatory clarity in the United States and a sustained decline in core inflation are required.<\/p>\n

Earlier, Standard Chartered predicted the price of the first cryptocurrency to rise to $50,000 this year<\/a> and $120,000 \u2014<\/em> by the end of next year.<\/p>\n","protected":false},"excerpt":{"rendered":"

Growth of consumer prices in the US slowed year-on-year in June from 4% to 3%, below economists’ forecast of 3.1%. Bitcoin jumped to around $31,000, lifting its daily gain to about 1%. In month-on-month terms, prices rose 0.2% \u2014 twice the pace of May \u2014 but came in above economists’ expectations (0.3%).<\/p>\n","protected":false},"author":1,"featured_media":81614,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"US inflation slowed to 3% y\/y in June; Bitcoin rose to about $31,000 before retracing.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[480,1224],"class_list":["post-81613","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-price","tag-macroeconomics"],"aioseo_notices":[],"amp_enabled":true,"views":"21","promo_type":"1","layout_type":"1","short_excerpt":"US inflation slowed to 3% y\/y in June; Bitcoin rose to about $31,000 before retracing.","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/81613","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=81613"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/81613\/revisions"}],"predecessor-version":[{"id":81615,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/81613\/revisions\/81615"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/81614"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=81613"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=81613"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=81613"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}