Crypto Market Stagnates Amid July Inflation Data
The cryptocurrency market has been relatively sluggish following the release of July's inflation data. Bitcoin (BTC) maintained its steady position as the Consumer Price Index (CPI) cooled to 3.4% year-over-year from 3.5% in June.
CoinGlass reported that a total of 70,067 traders were liquidated in the past 24 hours for $155.39 million. In contrast, SoSoValue data showed net inflows of $4.89 million from spot Bitcoin ETFs on Tuesday, while spot Ethereum (ETH) ETFs experienced net outflows of $1.8 million.
Notable gainers in the past 24 hours include Bitway, NEAR Protocol, and Stable.
Renowned economist Peter Schiff noted that gold and BTC react differently to inflation, yet their correlation is rising. On the other hand, Bitwise executive emphasized that Bitcoin's 'ignoring bad news' signals a potential bottom for the cryptocurrency market during this so-called 'crypto winter.'