Bitcoin Surged Above $59,000 As US CPI Data Revealed Easing Inflationary Pressures.

According to Trading Economics, June's Core Inflation Rate MoM rose by 0.1%, slightly lower than the expected 0.2% and the previous month's 0.2%, indicating a modest slowdown in core inflation, excluding volatile items such as food and energy.

Year-over-year figures show Core Inflation at 3.3%, down from the previous 3.4% and below expectations, suggesting a slight easing of inflationary pressures over the year.

Overall Inflation Rate MoM unexpectedly declined by -0.1%, diverging from the anticipated 0.1% increase and the previous month's 0% change, indicating potential deflationary pressures.

Year-over-year Inflation Rate remains at 3%, down from the previous period's 3.3% and slightly below the expected 3.1%, indicating disinflation, though it still exceeds the Federal Reserve's 2% target.

Bitcoin's price increase above $59,000 was driven by the favorable US CPI data.

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