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Bitcoin, Ethereum Reverse CPI-Fueled Gains as Strategy Stays Quiet: Your Weekly Crypto Recap

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Bitcoin dipped on a couple of occasions below $62,000 during the previous business week, prompted by Strategy’s largest sale to date and the renewed attacks in the Middle East. However, it recovered a lot of ground by the weekend and spent it trading sideways at around $64,000.

Monday began with another nosedive to under the aforementioned level as the market priced in the new attacks between the US and Iran from Saturday and Sunday. Nevertheless, the bulls showed strong conviction and managed to defend that level.

All eyes turned to the US CPI data for June, which went live on Tuesday. Most market experts believed there would be a significant reduction from the May multi-year record, from 4.2% to somewhere around 3.8%-3.9%. However, the actual data was even more promising, showing a drop to 3.5%.

The primary cryptocurrency reacted immediately to the seemingly slowing inflation, rocketing to $64,000 within hours and up to $65,500 on Wednesday. The latter became its highest price tag in approximately three weeks.

However, BTC’s rally came to a halt at that point. The cryptocurrency started a gradual decrease, which pushed it south to $62,400 earlier today. Although it has recovered about a grand since then, it’s still down by more than 2% weekly. Many altcoins have shown even more profound losses, with HYPE leading this adverse trend.

Hyperliquid’s native token has plunged by more than 12% since this time last Friday, followed by SOL’s 6.5% drop and ADA’s near 6% decrease. In contrast, ONDO has jumped by almost 12%, while ZEC is up by 3.7%.

Market Data

Cryptocurrency Market Overview Weekly July 17. Source: QuantifyCrypto
Cryptocurrency Market Overview Weekly July 17. Source: QuantifyCrypto

Market Cap: $2.254T | 24H Vol: $61B | BTC Dominance: 56.5%

BTC: $63,210 (-2.45%) | ETH: $1,825 (+0.74%) | XRP: $1.08 (-3.2%)

This Week’s Crypto Headlines You Can’t Miss

Trump’s New Iran Strategy Revealed: Will Bitcoin Pay the Price Again? After the ceasefire breakdown, reports emerged during the past week outlining Trump’s new strategy against Iran. The new wave of attacks will reportedly involve strikes with a wider scope than the previous ones, which increases the pressure on risk-on assets like BTC.

CRO Surges as Crypto.com Secures $400M in Citadel Securities-Led Funding. In its first-ever institutional funding round, the popular crypto exchange secured a $400 million investment from Citadel Securities. Its native token jumped immediately by 25%, but it was quickly halted and returned to its starting point.

Ripple (XRP) Peaked at $3.65 Exactly a Year Ago: What Went Wrong? It was a year ago today that the cross-border token flew to $3.65 to set a new all-time high. The following 12 months, though, have been quite painful, with the asset dumping by 70%. Nevertheless, the company behind it continues to make major moves. Here are many of them.

Jesse Pollak Leaves Base Leadership After Failed Social Strategy. Base creator Jesse Pollak admitted to adopting the wrong strategy when developing the network, focusing mainly on the social side of the market. Consequently, he decided to step down from his leadership position.

Peter Schiff: Bitcoin Holders Will Soon Regret Not Selling at Current Levels. The full-time BTC critic did in the past week what he has been doing for many years. He used the opportunity to urge bitcoin investors to offload their positions at current levels, as they might regret not doing so soon.

Saylor’s Strategy Boosts USD Reserves by $450M Without Selling BTC: Here’s How. Mondays have become quite intriguing lately due to Strategy’s pivot. After the previous week’s sale, investors expected new controversial announcements from the largest corporate holder of bitcoin. Instead, the firm simply boosted its USD reserve and refrained from making any BTC-related moves.

게시물 Bitcoin, Ethereum Reverse CPI-Fueled Gains as Strategy Stays Quiet: Your Weekly Crypto Recap 에 처음 등장 크립토포테이토.

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