Bitcoin's value has seen a significant $94,000 dip as cryptocurrencies retreat, attributed to the U.S. Consumer Price Index (CPI) numbers exceeding expectations. The decline highlights the return of inflation worries within the crypto markets, sparking concerns amid a grim January CPI report.
This development adds to the pressures on digital assets, with the market now closely monitoring any further economic data that could impact sentiment. As the inflation narrative gains traction, investors could see increased volatility in the near term.
Source: cointelegraph.com ↗