Bitcoin Stalls at $63K Despite Soft Inflation and Regulatory Boost
The latest U.S. inflation reading came in at 3.4% in July, matching market expectations and marking a slight decrease from June's 3.5%. This softer inflation rate is generally seen as more supportive for Bitcoin and other risk assets.
However, the cryptocurrency failed to capitalize on this positive news, with its price briefly pushing above $64K but then giving back those gains and trading near $63,400 just hours later.
The Office of the Comptroller of the Currency (OCC) also announced that eligible crypto firms can now apply for a national bank charter, providing them with a pathway to access the federal banking system. While this regulatory boost is seen as positive for the industry, it's unclear how much impact it will have on the market in the short term.