Crypto Market Faces Uncertainty as Bitcoin and Altcoins Experience Decline Amidst Inflation Concerns

Bitcoin, Ethereum, and Dogecoin experienced a decline in value despite positive inflation data in the Consumer Price Index (CPI) report for June. The U.S. consumer prices rose by 0.2% in June, lower than expected, and core inflation came in at 4.8%. However, analysts foresee a deeper decline for Bitcoin, with concerns about a potential downward correction and a loss of momentum. On-chain analytics firm Santiment noted that both sharks and whales are accumulating stablecoins, indicating a higher probability of significant cryptocurrency purchases in the near future.