Bitcoin Steadies at $62,600 Amid Iran Tensions and Key US Inflation Data

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Bitcoin is holding around $62,600 as renewed geopolitical tensions in the Middle East weigh on risk assets. Former President Trump reinstated the Hormuz blockade, pushing oil prices higher and reviving expectations of further interest rate hikes. These developments have reversed the so-called peace trade that had helped Bitcoin recover in early July. Markets are now closely watching the upcoming US Consumer Price Index report, which will serve as the next major test for crypto and broader financial markets.

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