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Bitcoin Price Today: Falls to $118.6K Amid Caution Ahead of CPI Data
Bitcoin fell on Tuesday, sharply reversing its weekend gains, as risk appetite eased ahead of key U.S. inflation data — largely offsetting optimism about more favorable regulation in the country.
Purchases by Metaplanet, the sixth-largest corporate cryptocurrency holder, had little impact on boosting prices, while altcoins also stalled after significant gains late last week.
Bitcoin dropped 2.8% to $118,630.4 as of 09:31 (UTC+03).
Bitcoin and Cryptocurrencies Retreat Ahead of CPI
The decline in Bitcoin and cryptocurrency prices came amid a broader drop in risk assets, as traders pulled back funds ahead of the U.S. Consumer Price Index release.
The data is expected later on Tuesday, with forecasts suggesting that July inflation will edge higher.
Higher inflation could undermine recent bets on a September interest rate cut by the Federal Reserve, especially if the increase exceeds expectations.
Markets will also watch to see whether U.S. President Donald Trump’s tariffs have contributed to inflationary pressure, though August data is expected to provide clearer clues.
The inflation report is likely to influence the Fed’s rate-cut plans, with Bitcoin and cryptocurrencies set to benefit if market confidence in lower rates strengthens.
Lower interest rates typically support cryptocurrency gains by opening up more market liquidity for speculative sectors.
Metaplanet Buys an Additional 518 Bitcoins
Metaplanet Inc (TYO:3350) announced on Tuesday that it had purchased an additional 518 bitcoins, bringing the total holdings of the Japanese hotel company-turned-crypto-treasury to 118,113 coins.
The company bought the bitcoins for $61.4 million at an average price of $118,519.
The purchase came after Metaplanet — the world’s sixth-largest corporate holder of bitcoins after Riot Platforms — said it planned to raise $3.7 billion through a share offering, primarily to buy more bitcoins.
The firm now holds about $1.85 billion worth of the cryptocurrency, significantly increasing its acquisitions over the past year.
This strategy closely mirrors that of Michael Saylor’s MicroStrategy, which has used a series of large stock offerings to fund its bitcoin purchases. MicroStrategy is the world’s largest corporate bitcoin holder and has seen its valuation and holdings soar in line with the cryptocurrency’s price surge over the past year.
Cryptocurrency Prices Today: Altcoins Slow After Strong Gains
The broader cryptocurrency market fell alongside Bitcoin, cooling after several sessions of strong gains.
Ether, the world’s second-largest cryptocurrency, fell 0.6% to $4,281.12, retreating sharply after approaching its 2021 all-time highs.
XRP dropped 4.1% to $3.1360. Solana and Cardano lost between 5.5% and 6% each.
Among memecoins, Dogecoin fell 6.3%, while $TRUMP dropped 5.2%.
See also: "Metaplanet Buys 518 Bitcoins for $61M, Total Holdings Reach 118,113 Coins"
