U.S. inflation slowed to 3.4%; bitcoin barely moved

July CPI matched forecasts, Treasury yields eased and bitcoin settled near $64,000 after a brief drop, leaving no immediate macro surprise for crypto markets.

By The Third AnglePublished August 12, 2026 at 14:23 UTC3 min read

The obverse of a United States one-dollar bill. — A United States one-dollar bill, illustrating the dollar and rates backdrop to the CPI release. Photo: United States Government / Wikimedia Commons · Public domain

Bitcoin slipped from about $64,400 to $64,080 immediately after the release, then stabilized near $64,000. The small move is the story: traders received the expected inflation reading rather than a surprise large enough to reset the rates outlook.

Rates eased without producing a crypto breakout

The two-year Treasury yield traded near 4.19%, down about 3.6 basis points on the day, while the 10-year yield stood near 4.66%, down about three basis points. Nasdaq 100 futures were up around 0.7%.

Those cross-asset moves suggest the report relieved some rate pressure without changing the market's basic positioning. The next test is whether lower yields bring sustained demand into spot crypto markets rather than only a brief reaction around the data release.

From our reporting

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