Bitcoin is declining amid US inflation data

On August 12, bitcoin dropped 0.9% to $118,264, losing some of the weekend's growth. The decrease was due to investor caution before the publication of July data on the consumer price index (CPI) in the United States, which turned out to be slightly softer than forecasts: +0.2% mom and +2.7% yoy, while expectations were +0.2% and +2.8%. The core CPI increased by 0.3% mom and 3.1% YoY, the highest annual rate in five months.

The data reinforced expectations of a Fed rate cut in September and raised the likelihood of another move in October to 67% (CME FedWatch). Investors are also taking into account the political tensions surrounding the Bureau of Labor Statistics following the dismissal of its head by Donald Trump.

Metaplanet buys an additional 518 bitcoins

Japan's Metaplanet, the sixth largest corporate holder of BTC, acquired 518 bitcoins for $61.4 million, bringing its portfolio to 118,113 coins ($1.85 billion). The company's strategy is similar to the approach of MicroStrategy, which is actively increasing its cryptocurrency reserves through the placement of shares.

Cryptocurrency prices today

Altcoins showed mixed dynamics: Ethereum increased by 2% to $4,360, close to the highs of 2021; XRP decreased by 1.4% to $3.16; Solana and Cardano fell by 0.5-2%. Among memcoins, Dogecoin lost 2.5%, and the $TRUMP token lost 1.5%.