Cryptocurrency prices are trending lower on concerns about rising U.S. inflation. Bitcoin has retreated to the $80,000 range, and major altcoins including Ethereum are also weak.
As of 8 a.m. on the 13th, Bitcoin was at $80,678 on CoinMarketCap, a cryptocurrency market data site, down 1.31% from 24 hours earlier. Bitcoin briefly topped $82,000 the previous day but then gave back its gains.
Ethereum, the No. 2 by market cap, is down 2.38% at $2,283. Ripple is $1.44, and Binance Holdings Ltd. is $666, down 2.34% and 0.53%, respectively, from 24 hours earlier. Solana is trading at $94.68, down 2.95%.
As concerns about inflation grew in the United States, crypto assets turned weaker. The U.S. consumer price index (CPI) for April rose 3.8% from a year earlier, the highest increase since May 2023. As inflation pressures mounted, bond yields also rose. On the 12th, the yield on the U.S. 10-year Government Bonds rose 0.055 percentage point from the previous day to 4.467%.
The New York stock market also ended mixed. The Dow Jones Industrial Average rose 56.09 points, or 0.11%, to 49,760.56, while the Standard & Poor's (S&P) 500 fell 11.88 points, or 0.16%, to 7,400.96. The Nasdaq composite fell 185.92 points, or 0.71%, to 26,088.20 to end the session.