Bitcoin Holds Near $64,000 as Monero, Hyperliquid Advance
Bitcoin remains a key gauge of risk appetite in crypto markets, with inflation and interest-rate expectations shaping demand for volatile assets. The subdued response after the U.S. Bureau of Labor Statistics released its consumer price index suggested the data provided too little conviction to lift the broader market from its low-volatility phase, shifting attention to relative strength among alternative tokens and the Federal Reserve’s policy outlook.
Bitcoin traded in a tight range around $63,600 on Aug. 12 following the U.S. CPI release, holding just below $64,000. Monero’s XMR rose 3.2% and Hyperliquid’s HYPE gained 2.7%, outperforming the benchmark cryptocurrency as activity elsewhere remained muted. Traders are now awaiting the U.S. producer price index on Aug. 13 for a fresh signal on inflation and the likely path of Federal Reserve policy.
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The history behind this eventBitcoin Stalls Below $64,000 as Buyers Stay Sidelined
Bitcoin has struggled to regain momentum after reaching a record above $73,000 in March 2024, with traders looking to U.S. inflation data for signals on Federal Reserve policy. Cooling price pressures would normally support risk assets by strengthening the case for lower interest rates, but the muted response underscored a lack of fresh demand and left the cryptocurrency confined to a narrow trading range.
The U.S. Bureau of Labor Statistics reported on Aug. 13 that core producer prices were unchanged in July from the previous month. Data released on Aug. 14 showed consumer prices rising 0.2% month on month and 2.9% from a year earlier, broadly matching forecasts. While equities advanced, Bitcoin remained below $64,000. Glassnode said new buyers were largely absent, with crowded long positions and weak activity producing the quietest trading conditions since 2019.
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