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

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Alex Dovbnya

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Bitcoin dropped to an intraday low, pushing the rest of the crypto market lower

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The cryptocurrency market has taken a drubbing after the Bureau of Labor Statistics reported the US consumer price index had risen to the highest level 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. 

Related:  Bitcoin (30k), Ethereum (2k), Solana Price Analyses
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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  

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 the Fed is expected to put more pressure on risky assets.        

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