Bitcoin Slumps Below $50K After Surprising Inflation Data Revealed

On Tuesday, the cryptocurrency market witnessed a downturn amidst a broader sell-off, a reaction triggered by a higher-than-expected Consumer Price Index (CPI) reading. Bitcoin, the leading cryptocurrency, experienced a 0.8% decrease, with its value dropping to $49,658.57, as reported by Coin Metrics. Earlier in the day, it reached as low as $48,372.89. Notably, just the day prior, Bitcoin had surpassed the $50,000 mark, reaching its highest level in over two years. Influence of CPI Data on the Cryptocurrency Market The decline in cryptocurrencies on Tuesday coincided with the...


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