Bitcoin Holds Steady as US Inflation Eases to March 2021 Levels

The US core Consumer Price Index (CPI) rose by 0.2% month-over-month and 2.5% year-over-year, marking its slowest pace since March 2021.

This easing of inflation pressure takes the heat off Federal Reserve Chairman Kevin Warsh to raise interest rates in September, improving the outlook for non-yielding crypto assets like Bitcoin.

Despite this positive news, Bitcoin's price remained mostly steady at $63,863 over a 24-hour period and was flat over the past week.