Bitcoin Price (BTC) Steady as U.S. July CPI Inflation Mostly In Line, Rising 0.2% for Month, 3.2% Y/Y

To combat galloping inflation early in 2022, the U.S. Federal Reserve began what’s now become an historic run of monetary tightening, raising its benchmark fed funds rate target more than 500 basis points over the past 17 months. The most recent rate hike was at the Fed’s last policy meeting in June. The surge in interest rates played at least a part in bitcoin’s tumble from more than $69,000 in late 2021 to just above $16,000 at the end of 2022 and its so-far meek bounce this year to just above $29,000.