Crypto Market Holds Ground as Softer Inflation Data Fails to Trigger Broad Risk-On Move
The crypto market remained rangebound on Thursday as softer U.S. inflation data alleviated rate-hike fears but failed to trigger a broad risk-on move.
Bitcoin hovered near $63,000-$64,000, while the total crypto market capitalization stayed around $2.16 trillion, indicating that traders remain cautious despite a more supportive macro backdrop.
The July consumer inflation report rose about 0.1% month over month and 3.4% year over year, with core CPI easing to roughly 2.5%. The numbers were close to expectations, which meant markets did not receive the kind of surprise that typically drives a sharp repricing in crypto.
Crypto Market Cap Holds Near $2.16 Trillion: Total market capitalization hovered near $2.16 trillion, below the 50-period exponential moving average around $2.17 trillion, suggesting the market has not yet reclaimed short-term momentum.