Bitcoin Slips Despite Cooling Inflation, Crypto Market Remains Under Pressure

Bitcoin's price slipped 0.3% to $63,503.38 on August 12, despite inflation data showing a slower rate of growth than expected.

The Consumer Price Index (CPI) rose to 3.4%, which some analysts believe may reduce the likelihood of a Federal Reserve rate hike.

However, the lead cryptocurrency was unable to sustain its gains above $64,000, potentially because the slowing inflation had already been factored into market expectations.

The broader crypto market continues to face challenges from stalled legislation, security concerns, and sluggish institutional interest.