BTC rebounds to $63,200 as markets overlook US PPI inflation surge and geopolitical tensions in the Strait of Hormuz.
Bitcoin (BTC) rose to $63,200 on Thursday, recovering from recent volatility despite a sharp rise in US producer price inflation and Iran’s closure of the Strait of Hormuz. The move defied broader risk-asset headwinds tied to geopolitical escalation and inflation concerns.
US PPI inflation hit its highest level since October 2022, while Iran’s shutdown of the key oil transit route sent WTI crude above $91 per barrel. The US vowed retaliatory strikes on Iranian infrastructure, adding to market uncertainty.
BTC’s resilience contrasted with oil’s rebound, as traders focused on closing gaps in CME Group’s futures market rather than immediate macro risks.