Bitcoin Drops 2% on Hotter-Than-Expected U.S. Inflation
Save $1,400 on Consensus Passes. Prices go up Thursday.
Save $1,400 on Consensus Passes. Prices go up Thursday.
Register Now
- Crypto Prices
- CoinDesk 20 Index
- TV & Videos
- Newsletters
- Podcasts
- Consensus Magazine
- Learn
- Bitcoin Calculator
- Events
- Webinars
- Indices
- About
- Markets
- Finance
- Technology
- Protocol Village
- Policy
- CoinDesk Studios
- Sponsored Content
Upcoming Events:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/WQZ6HNDZLFFLLBH4FPY4OF56ZU.jpg)
Save $1,400 on Consensus Passes. Prices go up Thursday.
Bitcoin
$49,262.98-1.06%
Ethereum
$2,634.29+0.62%
Binance Coin
$323.52-0.29%
Solana
$111.87+1.63%
XRP
$0.52571564-1.72%
Cardano
$0.54434092-2.88%
Avalanche
$39.92-2.21%
Dogecoin
$0.08118601-1.54%
Chainlink
$19.82-3.85%
Tron
$0.12564951+0.22%
Polkadot
$7.28-0.64%
Polygon
$0.86145763-1.29%
Crypto Prices
CoinDesk 20 Index
Markets
Bitcoin Drops 2% on Hotter-Than-Expected U.S. Inflation
The CPI reading reduced expectations for interest-rate cuts in the next months, weighing on risk assets such as crypto.
By Krisztian Sandor
Feb 13, 2024 at 9:03 p.m.
Updated Feb 13, 2024 at 9:43 p.m.:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/LFFBPE3ENRAV5HZ5RGL5KIK3XU.png)
Bitcoin fell from the $50,000 level after the January CPI report. (CoinDesk)
/arc-photo-coindesk/arc2-prod/public/LXF2COBSKBCNHNRE3WTK2BZ7GE.png)
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, Texas
The biggest and most established global hub for everything crypto, blockchain and Web3.
- Bitcoin dropped to $48,800 as the January Consumer Price Index report showed 3.1% annual inflation, higher than analyst forecasts.
- Expectations of a rate cut in May fell to 34% from 52%, CME FedWatch Tool shows.
Skip Ad
PayPal Enters the Crypto Conversation with New Stablecoin;...
Bitcoin (BTC) fell below $49,000 Tuesday after a hotter-than-anticipated U.S. inflation reading weighed on interest-rate cut expectations.
The largest crypto by market capitalization slipped about 2% to $48,700 from slightly above $50,000 earlier in the day, while the broad-market crypto index CoinDesk 20 (CD20) lost 2.4%.
STORY CONTINUES BELOW
Recommended for you:
- Did President Biden Just Endorse Bitcoin?
- Craig Wright Told by UK Court to Stop Making ‘Irrelevant Allegations’ as COPA Trial Continues
- FTX to Sell Custody Unit for $500K After Paying $10M Just Months Before Collapse
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.
The lower chance of an imminent rate cut weighed on traditional markets as well. The 10-year U.S. Treasury bond yield advanced 12 basis points, while the S&P 500 equity gauge and the tech-heavy Nasdaq Composite Index declined as much as 2%.
Edited by Sheldon Reback.
Newsletter
Every Tuesday
Money
Reimagined
Sign up for Money Reimagined, our weekly newsletter exploring the transformation of value in the digital age.
Enter your Email
Sign Up
By clicking ‘Sign Up’, you agree to receive newsletter from CoinDesk as well as other partner offers and accept our terms of services and privacy policy.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.:format(jpg)/s3.amazonaws.com/arc-authors/coindesk/8b1395a8-12af-4705-9fe5-b862b248250d.png)
Krisztian Sandor
Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.
Follow @sndr_krisztian on Twitter
Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.
Read more about
Bitcoin
Market Wrap
CPI
Inflation
About
About
Masthead
Careers
CoinDesk News
Stay Updated
Events
CoinDesk Studios
Newsletters
Follow
Get In Touch
Contact Us
Advertise
Accessibility Help
Sitemap
The Fine Print
Ethics Policy
Privacy
Terms Of Use
Update My Cookie Consent
Do Not Sell My Personal Information
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.
©2024 CoinDesk
English
