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Bitcoin shrugs off cooler US CPI as crypto market stays flat

Bitcoin edged up about 0.3% to roughly $63,750 after July CPI rose 3.4% year over year, while total crypto market cap slipped about 0.9% to $2.17 trillion.

Reported · Written up by our desk · Market Structure

U.S. inflation cooled in July, with the CPI rising 0.1% after falling 0.4% in June, and prices up 3.4% year over year, according to data from the Bureau of Labor Statistics. The report also showed shelter drove most of the increase, rising 0.1% and accounting for roughly two-thirds of the monthly gain, while energy fell 1.5% as gasoline got cheaper.

Despite the softening, Bitcoin barely moved on the day, ticking up about 0.3% to roughly $63,750. Total crypto market capitalization slipped to under $2.2 trillion, moving from about $2.19 trillion to about $2.17 trillion, a 0.9% dip, as the broader market also appeared to shrug off the CPI release.

Decrypt said the CPI outcome was broadly in line with expectations, which meant it did not meaningfully rewrite rate expectations. Cooler inflation can be a dovish input for markets, but at 3.4% year over year it remains well above the Federal Reserve’s 2% target.

The article also pointed to positioning already built into markets ahead of the CPI print, noting spot Bitcoin ETFs pulled in roughly $854 million over five straight sessions last week. It added that Bitcoin remains pinned between about $62,000 support and $67,000 resistance, with weaker trend signals as the 50-day average sits below the 200-day average.

Latest closeGasoline (RBOB) $2.892 ▼7.8%|Bitcoin $63,299.19 ▼0.4%

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