Bitcoin slumps 7% after inflation report causes investors to flee risky assets
Bitcoin fell with stocks after Tuesday’s inflation report came in higher than Wall Street expected.
Representations of cryptocurrency Bitcoin are seen in this illustration, August 10, 2022. REUTERS/Dado Ruvic/Illustration
Dado Ruvic | Reuters
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But August CPI data showed that inflation rose month over month even as gas prices slipped. The U.S. dollar jumped, and stocks sold off sharply as Wall Street anticipates more aggressive interest rate hikes from the Federal Reserve.
As rates surge, investors sought to shed risky assets like cryptocurrencies.
