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Bitcoin slips as hawkish Fed tone and sticky inflation weigh on crypto
Bitcoin was down 3.5% over 24 hours to $62,464 as Ether fell 3.1% to $1,863 and total crypto market cap dropped 2.3% to $2.24 trillion.
Crypto ended July on a softer note as Bitcoin and Ether lagged a strong stock rally, with a hawkish Federal Reserve stance and inflation that remains well above target pushing expectations for rate cuts further out, according to The Defiant.
Bitcoin fell 3.5% over 24 hours to $62,464, while Ether dropped 3.1% to $1,863. Total crypto market capitalization slipped 2.3% to $2.24 trillion, even as Bitcoin rose 4.3% for the month and the broader CoinDesk 20 index notched its first positive month in three.
The Fed held rates at 3.5% to 3.75% on a 9-3 vote, its fifth consecutive hold, and the outlet tied the caution to June PCE inflation of 3.7% year-over-year, with core PCE at 3.3%. It also pointed to second-quarter GDP growth of 3.0% and confirmed finalized tariffs set to take effect Aug. 7 as factors that leave the central bank with little pressure to change course soon.
Despite the market-wide softness, spot Bitcoin ETFs saw a net inflow of $233.1 million on Thursday, ending a four-day outflow streak that totaled $526.5 million, according to Farside Investors data cited by The Defiant. The outlet also noted July options positioning for August after a $10 billion Deribit expiry, with the $60,000 Bitcoin put emerging as the largest open interest at $1.17 billion notional.
Latest closeBitcoin $62,929.67 ▼2.8%