July inflation came in exactly as economists expected, and crypto traders took it as a small win. The consumer price index rose 3.4% year-over-year and 0.1% month-over-month, while core CPI held at 2.5% annually. Both eased 0.1 percentage point from June, and the total crypto market cap is hovering near $2.16 trillion, up about 0.6% from the previous day's low.
What the CPI print showed
The numbers matched forecasts on both headline and core. That's a relief after a few months of upside surprises. The 0.1 percentage point easing from June is modest, but it's enough to keep the Federal Reserve's path unchanged for now.
Rate-hike odds cool
On Polymarket, the probability of a September rate hike has fallen to 34% — half of what it was in late July. That shift suggests traders are pricing in a more patient Fed, even if a cut isn't on the table yet.
Market cap stuck under $2.20T
The total crypto market cap is sitting near $2.16 trillion, up about 0.6% from the previous day's low. But the $2.20 trillion ceiling has remained untouched since late July. That level is the key resistance — a break above it would signal real momentum, but so far the market keeps bouncing off it.
OKB's run and its limits
OKB is having a moment. The token rose more than 5% to $104, with a 30-day gain of about 28% and a 23% increase since August 6. But the buying volume is near 108,000, well below peaks from late May and June. That's a sign of weak conviction. For the rally to continue, OKB needs to hold $103. Losing that opens $99 and then $95.
PPI on deck
The Producer Price Index is due later on Thursday. If producer prices come in hot, it could reignite rate-hike fears and put pressure on the market. If they cool, the $2.20 trillion ceiling might finally get tested.
