Reserve Dollar

United

Bitcoin

Reserve

Rise

<p>The buzz around Bitcoin shows no signs of slowing down. The flagship crypto briefly reached $59,000 following the release of the latest Consumer Price Index (CPI) data in the United States, before experiencing a downward correction.</p>
<h2 id="h-the-cpi-a-catalyst-for-a-swift-rise">The CPI, a Catalyst for a Swift Rise</h2>
<p>The volatility of the <a href="https://www.cointribune.com/en/bitcoin-etfs-are-overflowing-with-over-100-million-dollars/" target="_blank" rel="noopener noreferrer nofollow">crypto market</a> was once again evident after the release of the US CPI figures. These closely watched data revealed a slight decline in inflation, falling to 3.0% year-on-year in June, compared to 3.1% expected. This news immediately propelled Bitcoin upward.</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="1">
 </div>
</div>
<p>Indeed, controlled inflation hints at the possibility of easing the monetary policy of the <a href="https://www.cointribune.com/en/the-american-cpi-this-thursday-could-change-the-game-for-cryptos/" target="_blank" rel="noopener noreferrer nofollow">Federal Reserve (Fed)</a>. Speculations on a potential interest rate cut thus fueled investors’ optimism, pushing Bitcoin’s price close to the $59,000 mark.</p>
<p>However, this <a href="https://coinmarketcap.com/fr/currencies/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">euphoria</a> was short-lived. After touching this peak, Bitcoin began a downward correction. At the time of writing this article, BTC is trading around $57,700, illustrating the volatile and unpredictable nature of the crypto market.</p>
<div class="affiliate-button"><a class="affiliate-button__link" href="https://bitvavo.com/fr/affiliate/coinmedia?a=_cta" target="_blank" rel="noopener noreferrer nofollow">€20 bonus for registering on Bitvavo</a> <a class="affiliate-button__disclaimer" href="https://www.cointribune.com/en/sponsored-content/" target="_blank" rel="noopener noreferrer nofollow">This link uses an affiliate program.</a>
</div>
<h2 id="h-a-quick-retreat-despite-favorable-outlooks">A Quick Retreat Despite Favorable Outlooks</h2>
<p>Several factors can explain this rapid reversal. First, profit-taking by some investors who took advantage of this sudden rise. Then, caution remains essential in the face of ongoing uncertainties about the <a href="https://www.cointribune.com/en/economy-china-hits-back-at-eu-tariffs-with-explosive-investigation/" target="_blank" rel="noopener noreferrer nofollow">global economy</a>.</p>
<p>Moreover, the recent <a href="https://www.cointribune.com/en/germany-still-holds-2-2-billion-in-bitcoin-a-persistent-threat/" target="_blank" rel="noopener noreferrer nofollow">sale of bitcoins</a> by the German government weighed on the market. This asset liquidation added additional supply, exerting downward pressure on prices.</p>
<p>In conclusion, Bitcoin’s reaction to the US CPI illustrates its increasing sensitivity to macroeconomic data. While short-term volatility remains high, the evolution of the <a href="https://www.cointribune.com/en/trump-in-nashville-for-bitcoin-conference-2024-a-decisive-crypto-turn/" target="_blank" rel="noopener noreferrer nofollow">US monetary policy</a> will continue to be a key factor for the future of the crypto market in the coming months.</p>

Bitcoin Hits Nearly $59,000 and Immediately Falls!

Table of Contents

Cointribune EN

Other articles published on Jul 11, 2024

MicroStrategy 10-for-1 Stock Split: Making Shares More Accessible

Elon Musk Part of Controversy to Silence Mr. Black on X? Freedom of Speech Jeopardize?

Hamster Kombat Origin Story and Second Airdrop Update

Transforming the Landscape: Public Masterpiece Redefines Real World Asset Tokenization

Hamster Kombat Triples Massage Gun Sales in Russia

Bitcoin Miner Hut 8 Secures Major Expansion with New West Texas Power Deal

Join our free newsletter for daily crypto updates!