Bitcoin nears $65,000 as cooling U.S. inflation guts the Fed rate-hike trade
CoinDesk 2026-07-15 05:19:14
Context: Bitcoin's value surged to nearly $64,800 after the release of U.S. inflation data, which showed a sharper-than-expected cooldown in June, reducing the likelihood of a near-term Federal Reserve rate hike. The cryptocurrency's price jumped about 3.6 percent, with traders rotating back into risk assets as the odds of a rate increase collapsed from 43 percent to 13 percent. This development has significant implications for the cryptocurrency market, as analysts note that bitcoin remains highly sensitive to interest-rate expectations.
Key Facts
- Bitcoin's price rose 3.6 percent to near $64,800, its best session in weeks, following the release of U.S. inflation data that showed a sharper-than-expected cooldown in June.
- June headline inflation fell to 3.5 percent from 4.2 percent, and core inflation, which strips out food and energy, eased to 2.6 percent from 2.9 percent, taking the strongest argument for another rate hike off the table.
- Implied odds of a rate increase collapsed from 43 percent to 13 percent after the release, and the two-year Treasury yield dropped six basis points.
- The cryptocurrency market saw significant gains, with Ether rising 5.3 percent to nearly $1,880, and other cryptocurrencies such as Hyperliquid's HYPE, XRP, Solana, dogecoin, and BNB also experiencing notable increases.
- About $31 billion changed hands in bitcoin trading over 24 hours, with the cryptocurrency up 3.3 percent on the week, as it attempts to sustain its gains and navigate the next major test at the Fed's September meeting.