US CPI Slows, Bitcoin Rises to $65,269

The U.S. Consumer Price Index (CPI) for June rose by 3.5%, falling short of market expectations of 3.8%. As a result, the likelihood of a rate hike by the Federal Reserve in July plummeted to below 17%. Bitcoin (BTC) surged to $65,269, while Ethereum (ETH) exceeded $1,920. The market is showing a trend where the slowdown in inflation leads to a preference for risk assets. The probability of a 25 basis point hike at the July FOMC dropped from 46.5% before the announcement to 17% afterward. Expectations for a rate cut remain weak, and according to the CME FedWatch Tool, a rate cut in July is not reflected, while the possibility of a cut in September decreased to 49.9%. Conversely, the likelihood of a rate hike in October stands at 59%, and the probability for December is at 73.4%. Federal Reserve Governor Christopher Waller warned of the possibility of further hikes if inflation returns, while National Economic Council Chairman Kevin Hassett denied the necessity for rate increases. This CPI slowdown is expected to have a positive impact on Bitcoin and Ethereum in the short term. The exchange rate of the won to the dollar was recorded at 1,491.50 won.

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