Bitcoin shot to a three-week high of $65,000 on Wednesday after U.S. June CPI came in at 3.5% — lower than the expected decline from May's record. The price quickly retreated to $64,500, but the move added over $60 billion to the total crypto market cap, which now sits at $2.280 trillion.
CPI data fuels the rally
The Bureau of Labor Statistics reported June inflation at 3.5%, a smaller increase than economists had forecast. Markets interpreted the softer number as a sign the Federal Reserve may ease its tightening pace, sending risk assets higher. Bitcoin led the charge, touching $65,000 for the first time since late June before settling near $64,500.
Altcoins join the move
Ethereum climbed toward $1,900 and was trading above $1,870. Privacy coin Zcash jumped 9% to above $550. Pi Network's native token rebounded from an all-time low of $0.07 to $0.085 — a 16% daily surge. Other gainers included CC, LINK, and HYPE, each up around 5%.
Bitcoin dominance holds steady
Bitcoin's market cap reached almost $1.3 trillion, giving it a 56.7% dominance over altcoins. That's roughly in line with recent weeks, suggesting the rally was broad rather than a flight to bitcoin alone.
Volatility lingers
The move higher comes after a choppy start to the week. Bitcoin saw sharp swings tied to Strategy's BTC sale and renewed tensions between the U.S. and Iran. Traders are now watching for any follow-through on the CPI data — and for the next catalyst in a market that's been quick to reverse.
