Bitcoin (BTC) Prices Surge Briefly After Cooler-Than-Expected June Inflation Data

Bitcoin (BTC) prices surged briefly after cooler-than-expected June inflation data but failed to break the $60K mark. This softer inflation print bolsters the possibility of an interest-rate cut by the U.S. Federal Reserve, which bodes well for cryptocurrencies including bitcoin.

Bitcoin (BTC) prices rose briefly on Wednesday after data showed a smaller-than-expected increase in U.S. consumer price inflation in June, bolstering the possibility of an interest-rate cut by the U.S. Federal Reserve.

Bitcoin rose to $59,040 after the report, but quickly erased those gains and was last trading at $57,263.

The print bodes well for cryptocurrencies including bitcoin. The Fed hiked rates to a 23-year high to combat rampant inflation, but that pushed up Treasury yields, making them a more attractive investment than riskier assets such as cryptocurrencies.

Bitcoin prices surged briefly after cooler-than-expected June inflation data but failed to break the $60K mark.

Demand, Selling Pressures Cancel Out

Demand from inflows into spot bitcoin exchange-traded funds (ETFs) canceled out selling pressure from bitcoin sales by the German government on Wednesday.

German authorities now hold less than a fifth of the 50,000 bitcoin they seized from an online piracy website, and have already sent $328.89 million worth of bitcoin to various exchanges and other addresses today.

Spot bitcoin ETFs continued their strong week on Wednesday, enjoying $147.4 million of inflows, according to Farside Investors. This takes this week's total flows into spot bitcoin ETFs to $658.6 million.

MicroStrategy Splits Stock

MicroStrategy (MSTR) shares were up more than 3% in intraday trading Thursday, after the company announced a 10-for-1 stock split. After markets close on Aug. 7, MicroStrategy shareholders will receive nine additional shares for each share they own in the company.

This move by MicroStrategy will not only increase the number of shares available to trade but also help make each share more affordable for investors to purchase. MicroStrategy shares, which have more than doubled year-to-date, are priced at more than $1,300 each.

As a large corporate holder of bitcoin, MicroStrategy has benefited from the rally in bitcoin prices this year after the approval of spot bitcoin ETFs. As of April 26, the company owned 214,400 bitcoin.

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