Bitcoin Unfazed by Slowing US Inflation

Bitcoin's price remained steady at $63,863 after data on Wednesday showed that US inflation was subdued. The core consumer price index rose 0.2% from a month earlier and increased 2.5% from a year earlier.

The news eases the path toward rate cuts for Federal Reserve Chairman Kevin Warsh, as softer inflation data reduces the opportunity cost of holding an asset that pays no yield. Bitcoin has performed well in low-interest rate environments.

Despite softer inflation data, prices are still higher than they were a year ago and wages in the US are not keeping up. The Fed's cautious approach with interest rates has led to increased volatility for Bitcoin since February.