Crypto Market Down Amid US-Iran Tensions and Reduced Rate Hike Odds

The crypto market is in decline on August 13, as geopolitical tensions outweigh the positive impact of lower US inflation and reduced odds of a Fed rate hike.

Data from CoinMarketCap shows that all top ten cryptocurrencies, except Hyperliquid (HYPE), are down today, with Bitcoin (BTC) dropping by 0.76% to $63,575 and Ethereum (ETH) falling by 1.33% to $1,880.

The US-Iran tensions have contributed to the bearish sentiment, despite a softer CPI print that has reduced the odds of the Fed hiking rates in September from 67% to 33%. The demand for crypto ETFs remains muted, with altcoin ETFs posting outflows and Bitcoin ETFs experiencing $61 million in outflows.