Crypto Market Slips Despite Cooling Inflation

The crypto market experienced a mixed day on August 12, with Bitcoin falling 0.3% to $63,503.38 and Ethereum gaining 0.2% to $1,884.51.

The decline in Bitcoin was unexpected, given the initial reaction to the U.S. Consumer Price Index data showing inflation slowing to 3.4%, making a Federal Reserve rate hike less likely.

However, analysts suggest that the slower inflation had already been priced into the market, leading to the muted reaction.

The broader pressures of stalled crypto legislation, security fears, and sluggish institutional interest continue to weigh on the market.