Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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.
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.
Alex DovbnyaU.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.
Vladislav Sopov
Dan Burgin