Bitcoin (BTC) spot prices swung lower immediately following today’s US inflation print.
The year-on-year rate came in slightly hotter than anticipated at 3.5% compared to the 3.4% forecast.
Despite only being a minor overshoot, stocks and cryptocurrency prices took a nosedive as investors weighed up the likelihood of higher-for-longer interest rate.
Bitcoin is currently down 2.2% to $67,650, adding to the 3.5% worth of losses tallied on Tuesday.
The Nasdaq 100, meanwhile, swung 1.3% lower in pre-market trades.
Intraday losses aside, bitcoin remains 3.4% higher week on week.
Bitcoin is up 60% year to date – Source: tradingview.com
Lacklustre ETF performance has also hampered bitcoin’s spot price, with $18.6 million worth of outflows penned on Tuesday.
Ethereum, the second-largest cryptocurrency, is currently down 2.1% to $3,420, having dipped over 5% yesterday.
In the broader altcoin space, Solana (SOL) has seen a 12% week-on-week decline, while BNB, Ripple (XRP) and Dogecoin remain in the green.
Global cryptocurrency market capitalisation currently stands at $2.53 trillion, with bitcoin dominance at 52.6%.