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Bitcoin price drops below $50,000 as US CPI shows inflation remains stubbornly high
After hitting the $50,000 milestone on Monday, Bitcoin price has pulled back, coming on the back of US CPI Inflation data on Tuesday, which showed that the possibility of a rate cut remains hopium, at least for now. US Consumer Price Index (CPI) numbers for January arrived on Tuesday morning. Per the reading, headline inflation came in hot at 3.1% in January on a yearly basis, higher than consensus expectations of 2.9%. It comes after December’s 3.4% reading. Despite the dip between December and January, the uptick from expectations signals persistent inflationary pressure as all inflation figures, whether monthly, ... (full story)