News Summary

• Treasury Secretary Scott Bessent says the U.S. holds far fewer bitcoin than previously thought, putting the value at between $15 billion and $20 billion.
• The crypto market surged this week after the latest US inflation data gave the Federal Reserve a green light to cut interest rates in September.
• A higher than expected producer price index reading wasn’t enough to discourage traders from betting on an interest rate cut.
• The resumption of the Fed’s interest rate cutting cycle after a tariff-induced pause is widely expected to support risk assets like bitcoin and cryptocurrencies.