Bitcoin topped $65,000 for the first time since June 22, reaching a high of $65,100. We break down what’s moving crypto markets today.
At the time of publication, bitcoin (BTC) has pulled back slightly from its three-week peak to $64,750. The daily gain stands at 3.5%, with a weekly gain of 4.4%.
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The rally followed US inflation data: the Consumer Price Index fell 0.4% in June–the largest monthly drop since April 2020. Annual inflation slowed to 3.5%, below analyst forecasts.
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Why Bitcoin Rose to $65,000: US Inflation, Geopolitics, and Korea’s Crisis
The main catalyst was slowing inflation. Core CPI came in at 2.6% year-over-year, down from 2.9% in May. Traders grew more confident that the Fed will hold rates steady at its July 28-29 meeting.
However, the inflation drop was largely driven by lower oil prices in June amid a US-Iran ceasefire. With fighting resumed, Brent crude has climbed back to $80, which could show up in July’s CPI data. Geopolitical risks remain: the US has struck Iranian targets and threatened to block the Strait of Hormuz, though markets have reacted calmly.
An additional catalyst was the South Korean KOSPI index, which has fallen more than 20% since early summer on Samsung and SK Hynix weakness. Trading volume on Korea’s largest crypto exchange, Upbit, surged 1,318% in a day to $4.2B. South Korea’s financial regulator said 1.2 million credit accounts received margin calls, pointing to forced selling rather than confident buying.
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Total crypto trading volume exceeded $73.8 B in 24 hours. Market cap rose 3% to $2.283T.
Among the top 10 most-capitalized digital assets, Hyperliquid (HYPE) led daily gains at 5.4%, hitting $68. Ethereum (ETH) followed with a 5.2% gain to $1,880.
Among the top 100, Pi Network (PI) led daily gains at +13.6%, while DeXe (DEXE) posted the sharpest drop at -8.4%.
The Crypto Fear and Greed Index rose to 25 but remains in “extreme fear” territory, though the pace of panic appears to be slowing.
About $1.1B in positions were liquidated on crypto exchanges over 24 hours. Most of the volume came from short positions, as forced buying to cover shorts amplified the upward move in a short squeeze.
Glassnode analysts noted that despite the rally, most market metrics don’t yet confirm a trend reversal. They pointed to falling spot and futures trading volumes and low blockchain activity, which could indicate accumulation.
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