Major cryptocurrencies experienced a surge on Tuesday evening, in the backdrop of a hotter-than-anticipated U.S. inflation reading that dampened expectations for interest-rate cuts.
What Happened: The largest cryptocurrency by market capitalization, Bitcoin, experienced a decline of about 1% to $49,500 from its earlier position slightly above $50,000 earlier in the day.
In January, the consumer price index (CPI) increased by 0.3% from December, while on an annual basis, it rose by 3.1%. According to economists surveyed by Dow Jones, the anticipated CPI rise was 0.2% month over month and 2.9% from the previous year.
Core prices, excluding the volatile food and energy components, experienced a 0.4% monthly increase and a 3.9% rise from the previous year. The expected core CPI surge for January was 0.3%, with a 3.7% increase from the previous year.
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