Bitcoin surpasses $65,000 as US June PPI comes in below expectations

Odaily reported that on July 15, the U.S. Bureau of Labor Statistics released the June Producer Price Index (PPI) at 5.5%, which was lower than market expectations and declined compared to previous readings. After the data was released, U.S. stock futures, crypto assets, and gold rose, the U.S. dollar index weakened, and U.S. Treasury yields fell slightly.

Bitcoin rose from around $64,989 near 8:30 AM ET on Wednesday, reaching a session high of $65,494, marking the first time it broke above $65,000 recently. During the same period, BTC saw a weekly increase of over 5%, and ETH has risen more than 10% in the past seven days.

Brent crude oil was trading near $84 at that time, and West Texas Intermediate crude (WTI) was about $79.54. Affected by tensions related to the Strait of Hormuz, oil prices remained above recent averages, and gold traded in the $4,050 to $4,064 range.