Bitcoin climbed above $65,000 and Ethereum reached $1,900 for the first time in 43 days after U.S. producer prices (PPI) fell 0.3% in June, bringing annual producer inflation to 5.5%, below expectations. The rally triggered about $100 million in short liquidations within 30 minutes, while the total cryptocurrency market added nearly $250 billion in value during the first half of July. Investors will now watch upcoming inflation data as higher energy prices could affect future Federal Reserve policy expectations.
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