Crypto Market Sees Wild Swings as Inflation Concerns Loom

Federal Reserve Chair Walsh has expressed reluctance to intervene in cryptocurrency bailouts. Capital Economics believes that the AI boom is driving inflation higher, making rate hikes imminent.

The US Bitcoin ETFs and Ethereum ETFs saw a net outflow of 6,904 BTC and 8,807 ETH, respectively.

Spot gold prices briefly rose by $13 to $4,096.2 per ounce. Grayscale transferred 852.7 BTC worth $54.4 million to an exchange.

The US June unadjusted CPI year-over-year rate decreased to 3.5%, lower than the expected 3.8% and previous value of 4.20%. Trump is considering imposing a 20% toll on vessels passing through the Strait of Hormuz.