Live updates: Bitcoin holds $62,600 as the Iran conflict reignites and CPI looms

live Updated just now Live updates: Bitcoin holds $62,600 as the Iran conflict reignites and CPI looms Trump reinstated the Hormuz blockade, sending oil higher and rate-hike bets up, reversing the peace trade that helped bitcoin recover in early July. Today's inflation print is the next test. By Shaurya Malwa Make preferred on Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email just now · 6:55 AM Shaurya Malwa Share Share this post Copy link X icon X (Twitter) LinkedIn Facebook Email Bitcoin holds $62,600 as the Iran conflict reignites and CPI looms Bitcoin traded near $62,600 on Tuesday, down 0.3% over 24 hours and roughly flat on the week, per CoinDesk data. The market is steady on the surface but the macro backdrop underneath it has turned. President Trump reinstated the U.S. blockade of Iranian ships through the Strait of Hormuz and demanded a 20% fee on all other cargo moving through the waterway, reviving a conflict that a June peace deal had appeared to settle. Brent crude rose as much as 2.8% to about $85 a barrel, its second day of gains, and traders lifted bets on a Fed rate hike. That combination runs directly against crypto. Oil pushing higher feeds the inflation pressure that kept the Fed hawkish through June, and the easing of that pressure was much of what let bitcoin recover from its late-June lows near $58,000. The peace trade is now unwinding, and rate-hike odds are climbing back. Bitcoin has spent a month between roughly $59,000 and $66,000, and the majors are mixed. Ether held near $1,783 and is up on the week, while Solana, XRP and Hyperliquid are all down 5% or more over seven days. Today's June inflation print is the more immediate test. A soft number would ease the rate-hike pressure the Iran news just revived. A hot one, especially with oil climbing, would stack a second hawkish signal onto the first, two weeks before the Fed meets July 28 and 29. Latest Crypto News 1 U.S. government moves $288 million in seized bitcoin, ether to Coinbase Prime 27 minutes ago 2 Solo bitcoin miner makes $200,000 using $150 equipment 2 hours ago 3 Bitcoin slips as traders lift July Fed rate hike bets ahead of Inflation report 3 hours ago 4 Binance.US CEO says exchange is rebuilding, eyes return to 20% U.S. market share 10 hours ago 5 Franklin Crypto CIO says crypto prices are disconnected from fundamentals 10 hours ago 6 TeraWulf CEO: 'Not All Megawatts Are Created Equally' in AI Race 11 hours ago 7 Trump's crypto riches loom over Clarity Act talks to ban conflicts for U.S. officials 13 hours ago 8 Mizuho says Circle bank approval doesn't solve USDC growth, stablecoin competition risks 14 hours ago 9 Bitcoin panic-selling may be ending as sellers' profit margins disappear 15 hours ago 10 Strategy pauses its Bitcoin buying spree to hoard a massive $3 billion cash cushion 15 hours ago Latest Research Gate Leads Spot Market Share Gains as CEX Volumes Rise for First Time in Five Months Gate Leads Spot Market Share Gains as CEX Volumes Rise for First Time in Five Months CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B. By CoinDesk Research 19 hours ago CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B. Why it matters : CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B. View Full Report More From Finance Mizuho says Circle bank approval doesn't solve USDC growth, stablecoin competition risks Bolivia weighs adding Tether's USDT to its national payments system SBI Holdings' blockchain initiative pivots to Solana for tokenization, stablecoin issuance