u.today
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.
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.