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Bitcoin sinks following hotter-than-expected inflation print, Bessent comments on strategic reserve
Bitcoin retreated more than 3% from its record highs on Thursday after hotter-than-expected inflation soured expectations of a large rate cut in September and Treasury Secretary Scott Bessent signaled the US won't be purchasing bitcoin for its strategic reserve. On Wednesday, bitcoin touched an all-time high past $123,500 per token in anticipation of looser monetary policy and corporate purchases. Crypto rolled over after July's Producer Price Index came in much higher than expected. During an interview with Fox Business, Bessent said US reserves of bitcoin amount to around $15 billion or $20 billion at today's ... (full story)
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Aug 14, 2025 3:09pm
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The Producer Price Index for final demand rose 0.9 percent in July, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. Final demand prices were unchanged in June and moved up 0.4 percent in May. (See table A.) On an unadjusted basis, the index for final demand advanced 3.3 percent for the 12 months ended in July, the largest 12-month ...
The cost of wholesale goods and services - where rising inflation tends to show up first - posted the biggest increase in July in three years, possibly heralding a sizable acceleration in price hikes tied to higher U.S. tariffs. The producer price index jumped 0.9% last month after no change in June, the government said Thursday. The rate of wholesale ...
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