Bitcoin surged to a three-week high of $65,000 after lower-than-expected US CPI data for June, before settling at $64,500. Meanwhile, Pi Network’s PI token rebounded sharply with a 16% daily gain, recovering from a record low of $0.07. The total crypto market cap rose by over $60 billion to $2.28 trillion.
Bitcoin Jumps on CPI Surprise
Bitcoin experienced a volatile week, sliding below $62,000 on Monday amid escalating tensions in the Middle East. However, the release of June CPI data on Tuesday triggered a sharp reversal. Headline inflation came in at 3.5%, below the consensus forecast and significantly lower than the previous month's 4.0% reading. BTC immediately spiked to just above $65,000, its highest level in three weeks, before pulling back to $64,500 at press time. The asset's market cap now stands near $1.3 trillion, while its dominance over altcoins remains steady at 56.7% on CoinGecko.
PI Bounces Hard from All-Time Low
Pi Network’s PI token had been the worst performer over the prior days, hitting consecutive all-time lows and bottoming out at $0.07 on Tuesday morning. That level proved to be a key support, sparking a strong rebound. PI surged 16% in the past 24 hours to trade above $0.085. Other notable gainers include PUMP, up 14% to $0.0166, and privacy coin ZEC, which rose 9% to exceed $550. LINK and HYPE each added around 5%.
Altcoins Turn Green Across the Board
Ethereum climbed alongside bitcoin, gaining roughly 5% to trade above $1,870. BNB, XRP, SOL, and RAIN posted more modest gains. The broader market rally added over $60 billion to total capitalization in a single day, pushing it to $2.28 trillion. The positive sentiment followed the CPI release and a partial recovery from the geopolitical jitters that had weighed on risk assets earlier in the week.