Crypto market sheds over $42 billion as U.S. inflation stays sticky
- —Crypto market cap fell by $42 billion to $2.868 trillion
- —U.S. core CPI came in at 0.3% versus 0.2% expected
- —Odds of a 25 bps Fed rate hike rose to 33%
- —BTC dropped 2% to $81,861; ETH -3.17%, XRP -2.99%
Why it matters: Hotter inflation raises the risk of a Fed rate hike, pressuring Bitcoin and altcoins and potentially triggering fresh liquidations.
Source: Finbold