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One day after surging to set a new cycle high above $50k, Bitcoin is getting hammered lower, declining by 2.5% on the day. What is causing markets to tank?
It wasn’t just Bitcoin that took a dive this morning; broader risk markets woke up on the wrong side of the bed, with the S&P 500 opening 1.3% off its yesterday close, a move lower can all be traced back to the release of January inflation data!
Core inflation rose slightly from December, and while the annualized inflation rate remains flat, the three and six-month annualized core inflation rates ticked up after January’s print, signaling that inflation has increased in recent months.
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