Bitcoin Tumbles Amid Hot US Inflation Data

Bitcoin's price dropped sharply on Thursday following a hot inflation print from the US Bureau of Labor Statistics. The Consumer Price Index (CPI) rose by 0.4% in January, exceeding economist expectations. Bitcoin fell to $23,400, down over 2% in a single day.

The strong inflation data sparked concerns that interest rates may rise further, which could negatively impact the overall market sentiment and cryptocurrency prices. The Federal Reserve is set to make a decision on interest rates later this month.

Featured Tech Stocks saw some relief as major tech companies like Meta Platforms and Alphabet Inc. reported their quarterly earnings. However, these stocks also experienced volatility due to inflation concerns.