Crypto Market Suffers Amid Inflation Concerns and Rising Oil Prices

The crypto market took a hit on August 11 as rising oil prices and inflation concerns weighed heavily on major coins. Bitcoin fell below $64,000, dropping 0.6% to $63,685.99, while Ethereum rose 0.4% to $1,882.06.

The slump in the crypto market cap was also significant, slipping 0.5% to $2.26 trillion. This comes as traders await tomorrow's inflation data and monitor rising oil prices, which are putting pressure on cryptocurrency prices.

The recent hack of a cold card wallet has boosted inflows to crypto ETFs, with investors seeking alternative ways to keep their digital assets safe. However, this trend may not last, as the lack of clear regulations in the industry continues to be a major concern for investors.