Bitcoin Slips Amid Cooling Inflation Despite Early Gains
Crypto markets experienced a mixed day on August 12 as Bitcoin slipped despite cooling inflation data. According to early evening numbers, Bitcoin (BTC) fell 0.3% to $63,503.38, while Ethereum gained 0.2% to $1,884.51 and Solana dropped 0.4% to $75.80.
The total crypto market cap decreased by 0.2% to $2.26 trillion. The inflation data showed a slowing Consumer Price Index at 3.4%, making a Federal Reserve rate hike less likely.
However, this news didn't seem to have the desired effect on Bitcoin, which rose above $64,000 in early trading but failed to hold its gains. The prolonged crypto slump continues to weigh on institutions and investors, with Bitwise Asset Management cutting 14% of its workforce.
Crypto ETFs saw some inflows this month, including around $50 million into the iShares Bitcoin Trust ETF (IBIT) yesterday.