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Bitcoin slips near $63,500 after in-line inflation print calms rates bets
July CPI matched forecasts, reducing the chance of a Fed rate hike in September to about 38%, but crypto still broadly weakened.
Bitcoin edged lower to around $63,500 after an in-line U.S. inflation report eased nerves without sparking a broad rally, CoinDesk data and market coverage showed. Most major tokens declined on the day, while global stocks reacted more positively than crypto.
The inflation release landed close to economists expectations, with headline inflation up 0.1% month over month and 3.4% year over year, and core inflation rising 0.2% month over month and easing to 2.5%. Futures markets trimmed the odds of a Federal Reserve rate rise in September to about 38% from 46% before the release.
In the immediate aftermath, gold rose about 1.3%, ether gained just over 1%, and bitcoin was up roughly half a percent before turning lower as broader momentum failed to hold. CoinDesk also cited CF Benchmarks research head Gabe Selby, who said bitcoin tends to move most when inflation forces a rethink on rates.
Looking ahead, CoinDesk pointed to upcoming catalysts including the Jackson Hole central bank gathering later this month, the Sept. 4 jobs report, and the Sept. 11 inflation release. On the day, Hyperliquid's HYPE was an exception, up over 3% to about $56, while assets such as Dogecoin, XRP, and BNB fell.
Latest closeGold $4,467.10 ▲1.9%|Bitcoin $63,658.51 ▲0.2%|XRP $1.009 ▼1.3%