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Crypto

Bitcoin Slumps Below $63,500 as CPI Data Falls Flat

Guavy AI Editorial Team
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BTC
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The price of Bitcoin (BTC) slipped below $63,500 on Wednesday despite US inflation figures coming in line with market predictions.

The July Consumer Price Index registered a 0.1% monthly increase and 3.4% annual increase, matching economist forecasts.

Market analyst Rekt Capital noted that the $63,000 floor is showing signs of 'progressive deterioration', as successive rebounds from this threshold have demonstrated diminishing strength.

According to Glassnode analytics, Bitcoin spot exchange trading volume has plummeted to levels not seen since early 2019.

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