Bitcoin held near $63,700 on Wednesday as most major cryptocurrencies edged higher ahead of the July U.S. inflation report. Dogecoin and BNB led gains while Hyperliquid and Cardano lagged, and waning hopes for a U.S.-Iran deal over the Strait of Hormuz added another crosscurrent to the day.
Bitcoin traded near $63,700 on Wednesday, Aug. 12, as most major cryptocurrencies edged higher ahead of the July U.S. inflation report, even as the coin itself slipped about 0.6% over 24 hours.
Dogecoin and BNB outpace a flat Bitcoin
Dogecoin was the strongest performer among the majors tracked Wednesday, gaining about 2.9% and trading just above $0.07. BNB followed with a 2% rise to about $614. Chainlink advanced 3.8% to $8.71. Hyperliquid moved the other way, falling 1% to $54.7, and Cardano lost about 1.8%.
Bitcoin's 24-hour range stayed tight, between roughly $63,200 and $64,414, after repeatedly testing $65,000 without holding above it.
Iran tensions and Strategy sales weigh on sentiment
Separately, waning optimism over a U.S.-Iran deal to reopen the Strait of Hormuz kept risk appetite in check. Tehran denied that talks with Washington had taken place and demanded the U.S. agree to its reparation demands first. Recent disclosures of additional coin sales by top corporate Bitcoin holder Strategy also weighed on the token, Investing.com reported.
ETF inflows turn barely positive
U.S. spot Bitcoin ETFs recorded $7.8 million in net inflows on Tuesday, with BlackRock's IBIT attracting $50.2 million before withdrawals from competing products offset most of the gain. That followed a $144.6 million net outflow on Monday. It was itself a reversal from the $853.5 million the funds pulled in during five consecutive inflow sessions from Aug. 3 through Aug. 7. Ether funds stayed soft, shedding $14.6 million on Monday and another $1.7 million on Tuesday. According to Wintermute: "need to see them continue for a little longer" before turning more constructive on the renewed ETF buying.
July CPI and rising oil set the next test
The Bureau of Labor Statistics releases July CPI at 8:30 a.m. ET Wednesday, with economists surveyed by Reuters expecting consumer prices to rise 0.1% from June and annual inflation easing to 3.4%. Brent crude rose for a sixth consecutive session to near $89.60 a barrel, a climb that also reflects renewed Houthi-Saudi fighting in the Red Sea. Higher oil keeps inflation risks elevated, which could complicate the Federal Reserve's rate outlook. Attention then turns to July producer prices on Thursday.
Sources: crypto.news, Investing.com
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