Bitcoin Nears $58K as Markets React to Higher-Than-Expected U.S. Producer Price Index

Bitcoin approached $58,000 around the Wall Street open on July 12 as markets reacted to the latest U.S. inflation data. Cointelegraph Markets Pro and TradingView data indicated that Bitcoin’s price improved as the Producer Price Index (PPI) for June exceeded expectations. The year-on-year PPI was 2.6%, higher than the forecasted 2.3% and 0.1% above the previous month. “On an unadjusted basis, the index for final demand rose 2.6 percent for the 12 months ended in June, the largest advance since moving up 2.7 percent for the 12 months ended March 2023,” the U.S. Bureau of Labor Statistics reported. Despite contrasting