Markets reacted to stubbornly high inflation in the United States and its potential impact on the Fed’s interest-rate plans.
Bitcoin (BTC) witnessed a 2.3% drop after Wall Street opened on March 12, as markets reacted to stubbornly high inflation in the United States and its implications for interest rate cuts in 2024.
Data from Cointelegraph Markets Pro and TradingView shows BTC dropped as much as 6% after setting a higher all-time high at $73,054 on March 12, bottoming at $68,636 on Bitstamp.
BTC price reacted to the February Consumer Price Index (CPI) data, which came in higher than expected at 0.4% in February, according to data from the U.S. Bureau of Labor Statistics (BLS). The year-on-year rate climbed to 3.2%, compared to estimates of 3.1% and January’s 3.1%.
