Bitcoin holds steady near $64,000 as monero, hyperliquid outperform
Reported by CoinDesk · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Bitcoin's price has remained steady near $64,000, adding 0.30% since midnight UTC, while the broader crypto market cap saw a slight decline of 0.54% to $2.18 trillion. Altcoins Monero (XMR) and Hyperliquid (HYPE) outperformed Bitcoin, gaining approximately 3.2% and 2.7%, respectively. The market showed muted volatility following a U.S. inflation report that aligned with expectations.
Why it matters
The relatively stable Bitcoin price amid mixed market signals reflects cautious investor sentiment, influenced by economic data such as the U.S. inflation print matching forecasts. The upward movement in specific altcoins like XMR and HYPE highlights pockets of strength within the broader market, while steady derivatives activity and muted implied volatility suggest limited short-term market shifts.
Key context
July U.S. Consumer Price Index (CPI) came in at 3.4% year over year, matching forecasts, while core inflation eased to 2.5% from 2.6%. Producer price inflation data was pending release at the time, which might impact market direction. The futures market saw a daily volume of $147 billion with flat open interest near $116 billion, indicating stable derivatives activity. Notable derivatives positioning includes elevated bearish bets on XRP, ADA, and BCH, while some upside speculative positioning occurred with large Bitcoin call options at the $65,500 strike expiring shortly.
Key numbers and entities
Bitcoin price steady near $63,600 to $64,000 with a 0.30% gain. Total crypto market cap at $2.18 trillion, down 0.54%. XMR gained 3.2% to ~$404. HYPE gained 2.7% to ~$57. Futures volume at $147 billion (up 6%), open interest $116 billion. XRP futures open interest at 2.67 billion tokens, ADA futures open interest just shy of 2.79 billion tokens. July CPI at 3.4%, core inflation at 2.5%.
What remains unclear
The source does not flag open questions but notes that Thursday’s U.S. producer price inflation data, due later, may provide further market impetus. Also, while derivatives positioning suggests bearishness for some coins, the overall market direction remains uncertain given muted volatility and mixed signals.