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Bitcoin holds steady as U.S. inflation slows
Consumer prices decreased on a monthly basis for the first time since May 2020.
Stephen Graves
July 11, 2024
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📝 What you need to know
Bitcoin climbed past $59,000 Thursday morning as U.S. inflation slowed more than expected, before pulling back to hold steady around $57,600.
The pace of inflation slowed for a fourth straight month in June, a sign of progress in the Federal Reserve's inflation fight which bolsters the case for rate cuts in the coming months.
Meanwhile, a BRN analyst predicted that a stronger-than-anticipated recession could force the Fed’s hand on rate cuts, prompting a significant Bitcoin price rally.
From Our Partner
Decentralized oracle provider API3 has announced the launch of the OEV Network, billed as “the first on-chain solution to recapture oracle extractable value (OEV) for lending protocols.”
Now live and fully integrated with the API3 Oracle Stack, the OEV Network is a layer 2 platform that aims to establish an efficient market for oracle updates.
“Instead of competing in blockspace auctions to get your transaction included first, searchers will compete for the right to perform oracle updates that allow for liquidations, with the proceeds of these auctions being programmatically returned to dapps,” said API3 Strategy Lead Ugur Mersinlioglu, adding that it could enable dapps to recapture “multi-million dollar opportunities.”
