{"id":20721,"date":"2024-07-12T11:32:26","date_gmt":"2024-07-12T11:32:26","guid":{"rendered":"https:\/\/buycrypt.com\/blog\/?p=20721"},"modified":"2026-07-14T15:51:23","modified_gmt":"2026-07-14T15:51:23","slug":"bitcoin-explodes-toward-60k-as-june-cpi-numbers-favorable","status":"publish","type":"post","link":"https:\/\/buycrypt.com\/blog\/en\/bitcoin-explodes-toward-60k-as-june-cpi-numbers-favorable\/","title":{"rendered":"Bitcoin Explodes Toward $60K as June CPI Numbers Favorable"},"content":{"rendered":"<p><em><strong>Bitcoin\u2019s price has reacted positively on data which indicates that inflation in the US is slowing down.<\/strong><\/em><\/p>\n<p>The US Bureau of Labor Statistics (BLS) has published this month\u2019s data for the Consumer Price Index.<\/p>\n<p>As is normally the case, this has caused some volatility within the cryptocurrency markets.<\/p>\n<ul>\n<li>In June, the CPI for all urban consumers fell 0.1%, seasonally adjusted<\/li>\n<li>This represents a change of 3% over the last 12 months, not seasonally adjusted.<\/li>\n<li>On the news, Bitcoin\u2019s price shot up to almost $60K amid increased volatility. It has retraced to where it currently trades at around $59,200.<\/li>\n<\/ul>\n<p><img decoding=\"async\" src=\"https:\/\/cdn.shortpixel.ai\/spai\/w_1532+q_lossless+ret_img+to_webp\/https:\/\/cryptopotato.com\/wp-content\/uploads\/2024\/07\/BTCUSD_2024-07-11_15-32-57.png\" \/><\/p>\n<p>Jag Kooner, head of derivatives at Bitfinex, spoke to CryptoPotato and weighed in on the importance of the CPI for the performance of the broader cryptocurrency market.<\/p>\n<p>He outlined that te consensus had been for the CPI to remain unchanged, but it actually fell by 0.1%. This, he said, supports the narrative of inflation slowing down:<\/p>\n<p><em>A lower-than-expected CPI reading today could indeed tip BTC into moving along with risk assets, as it would support the narrative of slowing inflation and a potential rate cut. Investors will closely monitor Fed communications and market reactions to today\u2019s CPI release and upcoming Fed meetings to gauge the alignment of BTC with equities. However, we believe that a single inflation print would not undo the supply overhang concerns for Bitcoin which would take some more time for the market to price in completely.<\/em><\/p>\n<p>Source: www.cryptopotato.com<\/p>\n<p><!-- related-seo --><\/p>\n<div class=\"related-seo\">\n<h3>Related articles<\/h3>\n<ul>\n<li><a href=\"https:\/\/buycrypt.com\/blog\/en\/bitcoin-volatility\/\">Bitcoin Volatility Expected Due to CPI Reading<\/a><\/li>\n<li><a href=\"https:\/\/buycrypt.com\/blog\/en\/bitcoin-bulls-eye-60k-next-as-bittensor-tao-soars-11-daily-market-watch\/\">Bitcoin Bulls Eye $60K Next as Bittensor (TAO) Soars 11% Daily: Market Watch<\/a><\/li>\n<li><a href=\"https:\/\/buycrypt.com\/blog\/en\/bitcoin-price-analysis-massive-volatility-for-btc-around-64k-but-whats-next\/\">Bitcoin Price Analysis: Massive Volatility for BTC Around $64K but What\u2019s Next?<\/a><\/li>\n<\/ul>\n<\/div>\n<p><!-- \/related-seo --><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price reacted positively to slowing US inflation, climbing nearly to $60K amid June Consumer Price Index data release.<\/p>\n","protected":false},"author":1,"featured_media":20737,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rank_math_title":"Bitcoin Nears $60K as June CPI Data Shows Positive Trends","rank_math_description":"Bitcoin price surged close to $60K following favorable June US Consumer Price Index data. Read more about the impact on crypto markets.","rank_math_focus_keyword":"Bitcoin $60K CPI","_forpost_external_id":"","_seorun_article_id":"","footnotes":""},"categories":[369],"tags":[852,4539,11800,4534,2824],"class_list":["post-20721","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-en","tag-bitcoin-en","tag-cpi","tag-cryptocurrency","tag-inflation","tag-market","resize-featured-image"],"lang":"en","translations":{"en":20721,"uk":20722,"ru":20723},"pll_sync_post":[],"_links":{"self":[{"href":"https:\/\/buycrypt.com\/blog\/wp-json\/wp\/v2\/posts\/20721","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buycrypt.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buycrypt.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buycrypt.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buycrypt.com\/blog\/wp-json\/wp\/v2\/comments?post=20721"}],"version-history":[{"count":4,"href":"https:\/\/buycrypt.com\/blog\/wp-json\/wp\/v2\/posts\/20721\/revisions"}],"predecessor-version":[{"id":47639,"href":"https:\/\/buycrypt.com\/blog\/wp-json\/wp\/v2\/posts\/20721\/revisions\/47639"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buycrypt.com\/blog\/wp-json\/wp\/v2\/media\/20737"}],"wp:attachment":[{"href":"https:\/\/buycrypt.com\/blog\/wp-json\/wp\/v2\/media?parent=20721"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buycrypt.com\/blog\/wp-json\/wp\/v2\/categories?post=20721"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buycrypt.com\/blog\/wp-json\/wp\/v2\/tags?post=20721"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}