Bitcoin Holds in $63,000 Range…Will U.S. PPI Determine Its Next Move?
Bitcoin is trading sideways in the $63,000 range without finding a clear direction despite signs of easing U.S. inflation.
As of 9:20 a.m. on Aug. 13, Bitcoin was trading at 89.75 million won on South Korean cryptocurrency exchange Bithumb, up 0.37% from the same time the previous day.
At the same time, Bitcoin was trading at $63,580 on CoinMarketCap, a global cryptocurrency market data platform, up 0.06%.
Concerns about additional interest rate hikes by the Federal Reserve have eased as U.S. inflation has slowed. According to the U.S. Bureau of Labor Statistics, the consumer price index (CPI) rose 0.1% from the previous month and 3.4% from a year earlier in July.
Core CPI, which excludes food and energy prices, rose 2.5% year over year. With inflationary pressures easing, markets are increasingly expecting the Federal Reserve to hold its benchmark interest rate steady at its Federal Open Market Committee meeting in September.
However, investor sentiment in the cryptocurrency market remains subdued despite the improved inflation data. With major investor sentiment indicators still in the “fear” territory, Bitcoin has also failed to turn the slowdown in inflation into a clear catalyst for gains.
The U.S. July producer price index (PPI), scheduled for release Aug. 13, is being viewed as a key factor that could determine Bitcoin’s direction. If the PPI also confirms a slowdown in inflation, expectations for the Federal Reserve to keep rates unchanged could strengthen. On the other hand, a higher-than-expected reading could revive inflation concerns and increase volatility in risk assets, including Bitcoin.
Goldman Sachs to Acquire NEOS for Up to $2.25 Billion…Gains $1 Billion Bitcoin ETF
Goldman Sachs is acquiring options-based exchange-traded fund manager NEOS Investments for up to $2.25 billion.
According to Bloomberg ETF analyst Eric Balchunas on Aug. 12, Goldman Sachs will gain the roughly $1 billion NEOS Bitcoin High Income ETF (BTCI) through the acquisition. As of the end of June, NEOS managed 19 options-based income ETFs with approximately $30 billion in assets under management.
Balchunas said the acquisition explained why Goldman Sachs had not launched a Bitcoin covered-call product it had applied for several months earlier.
The Bitcoin High Income ETF, as well as the Boosted Bitcoin High Income ETF and Ethereum High Income ETF, are also expected to become part of Goldman Sachs’ portfolio. The acquisition is expected to be completed in the first quarter of 2027, subject to regulatory approval.
Hawaii to Ban Crypto ATMs and Kiosks…Effective in October
Hawaii will completely ban cryptocurrency ATMs and kiosks starting in October as the U.S. state moves to address the growing number of fraud cases involving digital assets.
According to foreign media reports on Aug. 12, Hawaii Gov. Josh Green signed House Bill 1642 into law in July. Under the law, the ownership, operation and management of digital financial asset transaction kiosks that provide cryptocurrency in exchange for U.S. dollars will be prohibited beginning Oct. 1.
The measure comes amid an increase in cryptocurrency-related fraud. According to the FBI, losses from cryptocurrency-related fraud in the United States exceeded $11 billion in 2025. In Hawaii, 826 reports were filed, involving approximately $80 million in losses. There are currently 57 cryptocurrency ATMs and kiosks operating across Hawaii’s four major islands.
WLFI Hires Former Coinbase Executive…Targets Global Expansion
World Liberty Financial (WLFI), a decentralized finance (DeFi) project led by members of U.S. President Donald Trump’s family, has hired former Coinbase executive Ryan Ballantyne as chief business officer.
According to foreign media reports on Aug. 12, WLFI hired Ballantyne, a former Coinbase executive, as its chief business officer. Until recently, Ballantyne led corporate customer strategy at Coinbase Institutional.
Ballantyne will oversee WLFI’s global business strategy and partnership expansion. He will also focus on expanding use cases for the stablecoin USD1 among centralized exchanges (CEXs), decentralized finance (DeFi) protocols, real-world asset (RWA) platforms, and corporate and institutional clients.