Crypto Markets Slip Below $63k as Inflation Relief Fails to Materialize

Bitcoin's price slipped below $63,000 this week as inflation relief failed to materialize in the crypto market. The total crypto market cap held near $2.19 trillion, with Bitcoin trading around $62,990 on Sunday morning after a 2.7% decline over the week.

The slide extended into the weekend, with BTC dipping as low as $62,812 on Saturday before stabilizing. Ethereum dropped 1.71%, and XRP briefly fell below the dollar mark for the first time in nearly two years due to an attacker draining almost the entire XRP reserve backing the Coreum cross-chain bridge.

Consumer prices rose 0.1% month over month and 3.4% year over year, with core inflation up 0.2% monthly and 2.5% annually. Despite cooling inflation, crypto markets still lagged behind equities, which reacted positively to the producer price index reading.

Bitcoin ETF outflows reached $332 million this week, led by Fidelity's FBTC, while institutional demand for crypto remains strong with Goldman Sachs agreeing to buy NEOS Investments for up to $2.25 billion and gaining exposure to three Bitcoin and Ethereum income ETFs.