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Bitcoin Weathers Global Market Slump Sparked by Inflation Jump
Bitcoin rode out a surprisingly strong US inflation print that roiled global markets by dimming hopes for rapid interest-rate reductions. The digital asset traded at $49,500 as of 10:21 a.m. Wednesday in Singapore, near the highest level in over two years and little changed since Tuesday’s publication of above-forecast figures on US consumer prices in January. In contrast, the S&P 500 Index slid 1.4% — its worst CPI—day performance since September 2022 — while gold slumped and bond yields soared as traders dialed back expectations for a Federal Reserve rate cut before July. Read more: Momentum Slams Into a ... (full story)