Bitcoin touched $65,600 on Friday — its best level in weeks — before sliding back to around $64,000. The move came after US CPI data for June came in lower than expected, giving crypto a brief jolt. But the rally didn't hold, and the total market cap dropped $40 billion to $2.27 trillion.
CPI surprise lifts Bitcoin, Ethereum
US consumer price index data for June came in lower than economists had forecast, giving risk assets a boost. Bitcoin briefly broke above $65,600 for the first time in weeks, while Ethereum jumped to approximately $1,950 — its highest since early June. Both assets gave back gains later in the session, with Ethereum falling back below $1,900.
Altcoins mostly red, ONDO bucks the trend
Most major altcoins were in the red on the day. BNB, XRP, SOL, TRX, HYPE, RAIN, ZEC, CC, LTC, and ADA all posted losses. The exception was ONDO, which surged 17% to $0.37, standing out in an otherwise downbeat altcoin market.
The rally came after a rough stretch. Bitcoin had dipped below $62,000 earlier in the week, pressured by Strategy's sale of BTC and escalating tensions in the Middle East. The CPI print provided a reprieve, but the retreat from intraday highs shows the market remains skittish.
Market cap shrinks despite rally
The $40 billion decline in total crypto market cap to $2.27 trillion indicates that the rally was not broad-based. Bitcoin's dominance stood at 56.7% with a market cap of $1.285 trillion, meaning the gains were concentrated in BTC and ETH while altcoins lagged.
With no major economic data due next week, traders will watch for any escalation in geopolitical risks or further BTC sales from Strategy that could test support again.
