Bitcoin, Ether, XRP, Dogecoin fall as CPI eases hike odds
Bitcoin, Ethereum, XRP, Solana and Dogecoin trade lower as July CPI matches expectations, core inflation eases to 2.5%, and September hike odds fall to 40% from 48%.
Leading cryptocurrencies fell, even as stocks rallied on Wednesday as investors weighed the latest consumer inflation numbers that came in line with expectations.
Cryptocurrency 24-Hour Gains +/- Price (Recorded at 9:35 p.m.
EDT) Bitcoin (CRYPTO: BTC) -0.23% $63,424.63.02 Ethereum (CRYPTO: ETH) -0.38% $1,875.68 XRP (CRYPTO: XRP) -1.88% $1.00 Solana (CRYPTO: SOL) -0.92% $75.63 Dogecoin (CRYPTO: DOGE) -3.24% $0.06987 Crypto Market Retreats Further Bitcoin and Ethereum recorded sharp selling pressure, while XRP and Dogecoin also traded in the red on Wednesday.
Cryptocurrency-related stocks also fell, with Strategy Inc. (NASDAQ: MSTR ) and Bitmine Immersion Technologies Inc. (NYSE: BMNR ) closing down 1.31% and 1.73%, respectively.
Over the past 24 hours, more than $175 million in crypto positions were liquidated, with short sellers accounting for $93 million of the losses, according to Coinglass data.
Bitcoin’s open interest rose 0.49% over the last 24 hours.
An increase in open interest, along with a price decrease, typically indicates that short positions are being built up. "Fear" sentiment prevailed in the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours) Cryptocurrency (Market Cap>$100 M) Gains +/- Price (Recorded at 9:35 p.m.
EDT) Capricorn (APR) +137.97% $0.4950 Cysic (CYS) +36.06% $1.63 Bitway (BTW) +22.28% $0.2544 The global cryptocurrency market capitalization stood at $2.17 trillion, following a dip of 0.79% over the last 24 hours.
Read Also: 'The US Is in Trouble' and Bitcoin Will Reap the Benefits, Macro Guru Says—But How? Stocks Rally After CPI Report Major indexes lifted on Wednesday.
The S&P 500 rose 0.26% to end at 7,748.50, while the tech-focused Nasdaq Composite gained 0.54% to close at 26,588.49.
The Dow Jones Industrial Average, meanwhile, fell 0.04%, or 21.58 points, to close at 53,770.27.
The July Consumer Price Index rose 3.4% from a year earlier, matching expectations, while core inflation eased to 2.5%, also as expected.
Meanwhile, the odds of an interest rate hike in September fell to 40% from 48% the day before, according to the CME Fedwatch tool.
The Anatomy of Bitcoin’s Bottom Michaël van de Poppe, a widely followed cryptocurrency analyst and trader, said Bitcoin risks breaking down to $60,000 if it fails to hold current support near $63,500 “The final level of support is that area; if that doesn’t happen, we’re very likely to be sweeping the lows again,” the analyst projected.
It's very simple.
If #Bitcoin can't hold this level here, and doesn't want to test the resistance zones, we're looking to be getting a break downwards to $60,000.
The final level of support is that area, if that doesn't happen, we're very likely to be sweeping the lows again.… pic.twitter.com/4QrZWX4EUt — Michaël van de Poppe (@CryptoMichNL) August 12, 2026 On-chain analytics firm CryptoQuant observes that Bitcoin’s losses have spread beyond speculative traders and are now being borne by long-term holders.
Historically, at each significant cycle bottom, long-term holders have been sitting on more severe unrealized losses than the broader market, the research firm stated. “Bitcoin is displaying a condition repeatedly associated with macro bottoms, but not yet the emotional and financial exhaustion that made previous bottoms unmistakable,” CryptoQuant added.
Bitcoin Is Showing the Anatomy of a Bottom "Bitcoin is displaying a condition repeatedly associated with macro bottoms, but not yet the emotional and financial exhaustion that made previous bottoms unmistakable." — By @MorenoDV_ pic.twitter.com/0tRmSXP71O — CryptoQuant.com (@cryptoquant_com) August 12, 2026 Read Also: XRP Network Activity Jumps 84% but ETFs See Zero Inflows: What's Going On? Photo: KateStock / Shutterstock