Bitcoin Surges Past $65K Amid Inflation Drop and CLARITY Act Hopes
The recent decline in inflation has boosted risk-on sentiment and led to a surge in Bitcoin's price, which reached as high as $65,600. The June Consumer Price Index fell 0.4% from the previous month, bringing annual inflation down to 3.5%. This has led to speculation that the US Federal Reserve may delay interest rate hikes.
Despite oil prices rising past $85 per barrel due to the US-Iran conflict, capital flows into Bitcoin and Ether have improved. The cumulative volume delta for spot, futures, and ETF markets showed a net $997 million on the buy side last week. This is a positive sign for the market's trend.
Wyoming Senator Cynthia Lummis has expressed optimism about the CLARITY Act, which aims to regulate cryptocurrencies. President Trump met with senators on July 16 to discuss the bill's progress, and Senator Lummis stated that lawmakers have four weeks to pass the legislation before the August recess starts.