Main navigation

Solana, Cardano, XRP Drop Lower as Bitcoin Gets Hit by High U.S. Inflation

News
Thu, 02/10/2022 - 14:07
article image
Alex Dovbnya
Bitcoin dropped to an intraday low, pushing the rest of the crypto market lower
Solana, Cardano, XRP Drop Lower as Bitcoin Gets Hit by High U.S. Inflation
Cover image via stock.adobe.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News

The cryptocurrency market has taken a drubbing after the Bureau of Labor Statistics reported that the U.S. consumer price index had risen at its fastest pace since 1982.

Bitcoin, the top cryptocurrency, has edged 2.76% lower on the news, dropping to an intraday low of $43,417 on the Bitstamp exchange.

FED
Image by tradingview.com

Solana, Cardano, Shiba Inu, Dogecoin and other altcoins dipped in tandem with the king.

The CPI has increased by 0.6% over the past month, beating analysts' expectations.

Related
Elon Musk Echoes Jack Dorsey's Concerns About Inflation
The fact that inflation is running hotter than expected means that the U.S. Federal Reserve is more likely to hike the benchmark short-term interest rate by 50 basis points in March.

U.S. stock futures slumped lower on the news now that the Fed is expected to put more pressure on risky assets.

Yield on the benchmark 10-year Treasury bond broke above 2% for the first time since August 2019 on the new inflation data. As reported by U.Today, crypto tycoon Mike Novogratz recently said that it was a "logical target" for him.

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.