Daily Market Update: Bitcoin Slips to $63,500 While AI Stocks Surge as Inflation Lands On Target
TLDR
- Bitcoin slipped to around $63,500 after July CPI came in line with expectations
- The inflation data trimmed odds of a September Fed rate hike from 46% to 38%
- Most major crypto tokens fell on the day, with Dogecoin down nearly 3%
- South Koreaโs KOSPI entered a bull market, surging over 20% from July lows
- Super Micro Computer and CoreWeave each surged 19% on strong AI-driven earnings
Julyโs inflation data landed where economists expected, giving markets a brief sigh of relief without providing a strong reason to push prices higher. Bitcoin dipped slightly, most stocks held steady, and traders are already looking ahead to the next set of economic signals.
Bitcoin and Crypto React to CPI
Bitcoin fell to near $63,500 on Thursday, down about half a percent on the day and nearly 2% on the week. The July Consumer Price Index showed headline inflation up 0.1% for the month and 3.4% year-over-year. Core CPI, which strips out food and energy, rose 0.2% and eased to 2.5%.
The data matched forecasts almost exactly. That was enough to calm some fears about a near-term rate hike, but not enough to trigger a broad crypto rally.
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