Bitcoin experienced a slight uptick on Thursday, rising approximately 1.9% to around $62,600, following the release of a new inflation report that indicated stable underlying price pressures. This increase positions Bitcoin as a leader among major cryptocurrencies, according to CoinDesk data.
The latest inflation figures revealed a 0.5% rise in headline inflation for the month and a 4.2% increase year-over-year, marking the fastest annual rate since April 2023. Much of this surge was driven by a 3.9% rise in energy costs, which accounted for over 60% of the overall increase, largely influenced by the ongoing conflict in Iran.
In contrast, core inflation, which excludes food and energy prices, rose only 0.2% for the month—below the anticipated 0.3%—and 2.9% year-over-year. This distinction has significant implications for the Federal Reserve’s monetary policy considerations.
Despite Bitcoin’s modest gain, the broader cryptocurrency market remains under pressure. Over the past week, Bitcoin is down less than 1%, maintaining its 200-week average. Other major cryptocurrencies have not fared as well: Ether has fallen about 6.5% to approximately $1,651, XRP is down 7.5% near $1.12, Solana has dropped 7.4% to around $65, and Dogecoin has decreased by 7%. BNB showed relative resilience with a 2.1% weekly loss.
Market participants are now looking ahead to the Federal Reserve’s meeting scheduled for June 17. While the recent headline inflation figures may provide justification for a hawkish stance, the softer core inflation data gives some room for more dovish arguments, suggesting that inflationary pressures are limited and primarily energy-driven.
Another factor influencing market sentiment is the upcoming public offering of SpaceX, the aerospace and technology company owned by Elon Musk. The IPO is expected to price later today and begin trading on Friday, with a projected valuation of $1.8 trillion. Reports indicate that shares for the company are already four times oversubscribed, with some investors reportedly bidding as much as $10 billion.
Bitcoin's slight increase follows a new inflation report showing stable core prices, while other cryptocurrencies struggle. Market attention shifts to the upcoming Fed meeting and SpaceX's anticipated IPO.