Bitcoin has experienced a significant drop in price, now sitting at roughly $58,900. This decline is attributed to heavy selling pressure in the market.
The drop follows the release of the U.S. Consumer Price Index (CPI) inflation data, which came in higher than anticipated. This unexpected data release has impacted the market sentiment, contributing to Bitcoin's downturn.
Investors are cautious about entering the market under these inflationary pressures, leading to a widespread decrease in value across several cryptocurrencies.
