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Crypto Market Update August 13: Bitcoin Slips Despite Lower Fed Hike Odds but HYPE Defies Bearish Sentiment
The crypto market is down today, August 13, after Iran said that there is no progress in reviving the ceasefire deal with Iran. The geopolitical tensions have overshadowed the bullish outlook from a softer CPI print after easing US…
The crypto market is down today, August 13, after Iran said that there is no progress in reviving the ceasefire deal with Iran. The geopolitical tensions have overshadowed the bullish outlook from a softer CPI print after easing US inflation reduced the odds of the Fed hiking rates in the September FOMC meeting to 33%.
Why is the Crypto Market Down Today?
The crypto market is dropping after Iran said that there is no progress made in negotiations to bring a permanent end to the war that started in February 2026, with the statement causing a bearish sentiment around risk assets.
Bitcoin (BTC) price is down by 0.76% today, August 13, to trade at $63,575 at the time of writing, while Ethereum (ETH) is also down by 1.33% to trade at $1,880.
Data from CoinMarketCap also shows that all of the top ten cryptos, apart from Hyperliquid (HYPE), are down today.
Crypto Market Data (Source: CoinMarketCap)
The US-Iran tensions are also outweighing the bullish outlook after the US inflation rate for July 2026 dropped to 3.4%, as reported earlier by CoinGape.
Prediction markets now show that there is only a 33% chance that the Fed will hike interest rates in September, with lower interest rates tending to push traders towards the crypto market.
Fed Hike Odds
Still, the demand for crypto ETFs remained muted even after the inflation data came out, with this lack of institutional demand also pushing the crypto market down today.
Data from SoSoValue shows that altcoin ETFs, apart from Ethereum (ETH), did not have inflows on August 12. Bitcoin ETFs also posted $61 million in outflows.
The crypto market is also down as investors stay put ahead of the US initial jobless claims data that will also come out today. A drop in the initial jobless claims could push prices lower because it will signal that the labour market is strong and increase the odds of the Fed hiking rates.
Crypto Market Data
Total Crypto Market Cap: $2.18 trillion (-1%)
24-Hour Trading Volumes: $51.41 billion
Bitcoin: $63,382 (-1.26%)
Ethereum: $1,877 (-2%)
XRP: $1 (-1.81%)
BTC ETF Flows: -61.16 million
Ethereum ETF Flows: +7.38 million
Bitcoin Dominance: 58.5%
Altcoin Season Index: 46/100
Fear and Greed Index: 29 (Fear)
Derivatives Market Analysis
Data from Coinglass shows that the total liquidations across the crypto market have reached $158 million today, with $84 million in long liquidations and $73 million in short liquidations.
Ethereum stands out with the highest liquidations of $26 million, followed by Bitcoin with $1 million in liquidations.
Crypto Liquidations (Source: CoinGlass)
The total open interest across the crypto market has also increased from $114 billion on August 12 to $116 billion on August 13,. Meanwhile, the total futures trading volumes have increased from $138 billion to $143 billion.
Bitcoin Price Outlook Today as STH Supply Shrinks
The price of Bitcoin is dropping today because of weak demand coming from short-term holders, per CryptoQuant analyst Darkfost.
The analyst notes that short-term holders who have held BTC for less than one day hold only 1.2% of the supply. Those who have held for less than three months also hold 6.7% of the supply.
Darkfost adds that this drop supports a bullish long-term Bitcoin price outlook because the supply is moving from weak hands that sell because of short-term drops in price to strong hands that hold even when the crypto market is going down.
BTC STH HODL Waves (Source: CryptoQuant)
Still, a return of demand by short-term holders is needed for Bitcoin price to close above the resistance at $65,000 per a recent CoinGape Bitcoin price analysis.
HYPE Price Rallies Amid US Expansion Plans
HYPE price is up by 2.71% today, August 13, to trade at $57 at the time of writing. The gains come after reports that Hyperliquid is looking to expand its perpetual futures market into the United States.
The recent gains have pushed the price of HYPE to the resistance of a double bottom pattern at $56. If HYPE closes above this resistance, it could move to the pattern’s target of $62.
HYPE Price Chart (Source: TradingView)
Still, the RSI reading of 50 on the one-day chart also suggests that the momentum is neutral, with neither bulls nor bears having the upper hand. This RSI needs to make a higher high to confirm that the bullish outlook of the double bottom pattern will play out.
Catch up with the events that shaped the crypto market yesterday with our Crypto Market Update August 12.
