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Bitcoin Price Today: Drops to $119K amid Moderate CPI Growth in July
Bitcoin fell on Tuesday, erasing weekend gains, as risk appetite deteriorated ahead of key US inflation data, largely offsetting optimism over potentially more favorable regulation in the United States.
The Consumer Price Index (CPI) report, released later in the day, showed slightly slower-than-expected annual inflation growth, as President Donald Trump’s tariffs had mostly moderate effects.
Purchases by Metaplanet, the sixth-largest corporate holder of cryptocurrency, had little impact on boosting prices, while altcoins also stalled after significant gains late last week.
Bitcoin fell 0.8% to $119,120 as of 16:48 (UTC+03).
Bitcoin and Crypto Remain Muted after CPI Report
Bitcoin and the broader cryptocurrency market showed restrained price action after softer-than-expected CPI data for July. Earlier in the day, cryptocurrencies and other risk assets retreated as traders pulled back funds ahead of the report.
US consumer prices rose slightly less than expected in July, with President Donald Trump’s tariffs so far showing only moderate impact. CPI rose 0.2% from June and 2.7% year-over-year, compared to forecasts of 0.2% and 2.8%, the Labor Department reported on Tuesday.
Core CPI, which excludes food and energy, rose 0.3% for the month and 3.1% year-over-year, matching monthly expectations and marking the largest monthly increase since January.
The release comes amid heightened political attention toward the Bureau of Labor Statistics after Trump fired its commissioner earlier this month following a weak jobs report. He nominated E.J. Antoni, a critic of the agency, as the next head.
Markets see a September Federal Reserve rate cut as increasingly likely, with CME FedWatch data showing a 67% chance of an additional move in October, up from 55% before the CPI report.
Among Fed policymakers, concerns are growing over labor market weakness, potentially strengthening the case for easing.
Metaplanet Buys Additional 518 Bitcoins
Metaplanet Inc (TYO:3350) on Tuesday disclosed the purchase of an additional 518 bitcoins, bringing the Japanese hotelier-turned-crypto-treasury’s total holdings to 118,113 coins.
The company bought 518 bitcoins for $61.4 million, at an average price of $118,519.
The latest purchase came after Metaplanet — the world’s sixth-largest corporate holder of bitcoin, behind Riot Platforms — announced plans to raise $3.7 billion through a share offering, primarily to buy more bitcoin.
The company now holds about $1.85 billion worth of bitcoin, having ramped up cryptocurrency purchases over the past year.
This strategy largely mirrors Michael Saylor’s MicroStrategy approach, which used a series of large equity offerings to fund its bitcoin purchases. The firm is the world’s largest corporate bitcoin holder and has seen both its valuation and bitcoin reserves rise sharply over the past year as BTC prices surged.
Crypto Prices Today: Altcoins Cool after Strong Rally
The broader crypto market was mixed following the CPI release, trading within a range after strong gains in prior sessions.
Ether, the world’s second-largest cryptocurrency, rose nearly 2% to $4,360.67, remaining close to its 2021 all-time highs.
XRP fell 1.4% to $3.16. Solana and Cardano lost between 0.5% and 2%.
Among meme coins, Dogecoin fell 2.5%, while $TRUMP declined 1.5%.
See also: "Stablecoin Valuation Reaches $281 Billion: Who Benefits the Most"
