Bitcoin Slips Below $63,000 Amid Lackluster Response to July Inflation Print

Bitcoin ended the week at around $62,990, down 2.7% from its opening price, as the July inflation print failed to spark a relief rally in the crypto market.

The Consumer Price Index (CPI) rose 0.1% month over month and 3.4% year over year, which is still above the Federal Reserve's 2% target. This dampened expectations for rate cuts, leading to a lack of bullish catalysts that weighed on the market.

Spot Bitcoin ETFs experienced consecutive days of outflows, erasing much of the optimism from early August. The previous week had delivered $853 million in weekly net inflows, but this week saw $192 million exit across two consecutive sessions.

The XRP price briefly fell below $1 for the first time in nearly two years following a cross-chain bridge exploit that drained almost the entire XRP reserve backing the Coreum bridge. The incident highlighted the risks of bridged assets and the importance of verifying payment destinations before crediting balances.