Bitcoin Tumbles Below $64,000 Amid Rising Oil Prices and Inflation Worries
The cryptocurrency market took a hit on August 11, with Bitcoin falling below $64,000. The price of BTC dropped 0.6% to $63,685.99, while Ethereum rose 0.4% to $1,882.06. Solana fell 0.3% to $76.10.
The decline is attributed to rising oil prices and inflation concerns, which are pressuring major coins. Traders are also awaiting tomorrow's inflation data, which could further impact crypto prices if the Federal Reserve hikes interest rates to combat oil-fueled inflation.
In related news, the recent $130 million Coldcard hack has boosted inflows to crypto ETFs as investors seek alternative ways to keep their digital assets safe. The hack targeted cold wallets, which have long been viewed as a secure way to store crypto, but spot Bitcoin ETFs use custodians to protect funds.
Meanwhile, the lack of clear regulatory guidelines for the crypto industry remains a concern. The Clarity Act, which aimed to provide rules and definitions for digital assets, stalled in the first half of this year and is now on hold until lawmakers reconvene. However, news that the Securities and Exchange Commission (SEC) may step in with a viable alternative could improve sentiment and help pull crypto out of its slump.