Bitcoin Holds Ground as July CPI Matches Expectations

The July Consumer Price Index (CPI) data from the US Bureau of Labor Statistics came in as expected, with a regular CPI of 3.3% to 3.4%. This matches previous expectations and follows last week's weaker-than-expected jobs report.

The CORE CPI increased by 2.5%, which was an official increase after declining in June due to decreasing energy costs.

Bitcoin's price initially jumped from $63,200 to $64,400 before the data release but then dipped a few hundred dollars after the numbers were announced.