Crypto Briefing approved image library
Bitcoin’s price rose above $65,000 following a notable decrease in inflation, as reported in today’s Unchained Daily newsletter. The U.S. Consumer Price Index (CPI) saw a 0.4% decline in June, bringing annual inflation down to 2.9%. This development has contributed to a significant reduction in the likelihood of a Federal Reserve interest rate hike, now at 15.5%, while increasing the possibility of a rate cut in September. Concurrently, the Commodity Futures Trading Commission (CFTC) intervened to prevent the prediction-market platform Kalshi from canceling sports-wagering contracts for Michigan residents, citing federal law supremacy over state directives.
Key Takeaways
Bitcoin’s price increase above $65,000 appears consistent with improved macroeconomic conditions, as indicated by a sharp drop in inflation figures.
The CFTC’s action against Kalshi suggests a reinforcement of federal authority over state gambling regulations in prediction markets.
