Bitcoin retraced to $64,000 after briefly touching a three-week high near $65,600, as a surge driven by lower US inflation data was offset by renewed market volatility. The broader cryptocurrency market experienced a $40 billion drop in total value, with leading altcoins such as Ethereum also giving up recent gains.
Bitcoin’s rally stalls amid renewed geopolitical tension
Bitcoin opened the week trading near $64,000, benefitting from a generally calm market over the weekend. However, increased tensions between the United States and Iran weighed on risk assets, leading Bitcoin to slip below $62,000 in early Tuesday trading.
The release of June inflation figures, which came in lower than market forecasts, triggered a swift rebound in Bitcoin’s price. The cryptocurrency quickly reclaimed the $64,000 level and advanced beyond $65,000 on major exchanges. This move peaked near $65,600, the highest price observed in approximately three weeks.
After reaching this local peak, selling activity intensified and Bitcoin lost $1,500 in value, bringing the price back down to the $64,000 area. CoinGecko data put Bitcoin’s market capitalization at roughly $1.285 trillion following this pullback.
Even after reclaiming $65,000, Bitcoin lost momentum when sellers entered the market, causing its price to retreat by about $1,500 and giving up most of its recent inflation-driven rally.
Ethereum and major altcoins see mixed action
Ethereum outperformed several other top cryptocurrencies during the rebound, rallying toward $1,950, which marked its highest price since early June. Despite this positive momentum, selling pressure soon pushed ETH back below the $1,900 threshold.
While Bitcoin ultimately held comparatively steady, Ethereum saw a stronger short-term surge. BNB approached the $580 mark, but XRP faced resistance near $1.10. This mixed performance suggested a lack of clear direction among major alternative coins.
A number of other large-cap cryptocurrencies, including Solana, Tron, Rain, Zcash, Canton, Litecoin, and Cardano, posted daily declines. Among these, Bitcoin Cash and DeXe experienced the sharpest losses. In contrast, Ondo rose by about 17% as Bitcoin’s price found temporary stability near $64,000.
Mini dictionary: Ondo is a blockchain-based platform focused on tokenizing real-world assets and offering decentralized financial products, including yield instruments and investment options for digital asset holders.
Market capitalization and Bitcoin dominance
Total cryptocurrency market capitalization dropped by around $40 billion as the day’s decline unfolded, settling near $2.27 trillion. Bitcoin’s price retreat was a key driver of this broader pullback, impacting sentiment across the digital asset sector.
Despite the recent losses, Bitcoin maintained a 56.7% dominance in the overall market. This proportion remained largely unchanged even as alternative coins suffered steeper declines. By the close of this period, Bitcoin was steady at $64,000, while Ethereum stayed below $1,900.
| Asset | Recent Peak | Current Price | Daily Change |
|---|---|---|---|
| Bitcoin (BTC) | $65,600 | $64,000 | -2.4% |
| Ethereum (ETH) | $1,950 | $1,900 | -2.6% |
| Ondo | $0.95 | $0.84 | +17% |
| Bitcoin Cash | $400 | $375 | -7% |
| DeXe | $10.90 | $10.00 | -8% |
By the end of the day, the crypto market retained some of its inflation-driven gains, yet prices for both Bitcoin and Ethereum remained below their recent highs, with overall capitalization subdued.
