Business News Asia
The bitcoin price rose above the $25,000 mark for the first time since mid-June this year after the U.S. released lower-than-expected inflation figures. This helped ease investor concerns about an interest rate hike by the Federal Reserve (Fed).
The bitcoin price rose 2.2% in the morning to $25,031, its highest level since June 13, before falling to $24,338.75 currently.
According to the U.S. Department of Labor, the consumer price index (CPI) rose 8.5% year over year in July after hitting a 40-year high of 9.1% in June.
The Producer Price Index (PPI) decreased 0.5% in July from the previous month, marking the first decline in the PPI since April 2020, when the COVID-19 epidemic began.
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