Bitcoin Drops 2% on Hotter-Than-Expected U.S. Inflation

The drop happened after the January Consumer Price Index (CPI) report showed 3.1% year-on-year inflation, faster than analysts’ 2.9% forecast. Market participants now see only a 34% chance of the Federal Reserve cutting interest rates in May, down from 52% a day ago, according to the CME FedWatch tool.

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