Soft core inflation data boosts bitcoin, while most major cryptocurrencies remain in weekly losses ahead of the Fed’s June meeting.
Bitcoin climbed 1.9% to $62,600 over the past 24 hours, leading cryptocurrency markets after core inflation data came in below forecasts. The core Consumer Price Index rose 0.2% month-over-month, under the 0.3% consensus, easing concerns about persistent price pressures.
Headline inflation accelerated to 4.2% annually, the highest since April 2023, driven largely by a 3.9% monthly surge in energy prices. Most major altcoins, including Ether and Solana, posted weekly declines of 6-7%, while bitcoin held steady with a sub-1% loss over the same period.
Traders are now focused on the Federal Reserve’s June 17 meeting, where no rate change is expected. The mixed inflation report leaves room for both hawkish and dovish interpretations, with energy-driven pressures complicating the outlook.