Bitcoin (CRYPTO: BTC) fell more than 2% on Tuesday as US stocks dipped following hotter-than-expected inflation data. BTC price traded to lows of $48,500 as it pared gains recorded when it raced to above $50,000 on Monday.
The benchmark cryptocurrency’s losses came as stocks reacted to inflation data that showed consumer prices rose 0.3% over January and 3.1% over the past year that month.
As investors digested the details released by the Bureau of Labor Statistics, the S&P 500 fell 1.3% to retreat from its historic highs above 5,000. The Dow Jones Industrial Average also dropped, losing more than 450 points, while the Nasdaq Composite slashed nearly 2%.
Gold also fell, sliding below $2k for the first time in 2024. Peter Schiff shared his outlook following the dip in the price of the precious metal.