Cryptocurrency Market Corrects on Higher Inflation Data

The global cryptocurrency market experienced a correction on Wednesday following the release of the Federal Reserve's preferred inflation gauge, which came in higher than expected.

BTC dipped by 0.26% to $78,636.17, while XRP fell by 2.78% to $1.40 and Dogecoin dropped by 0.15% to $0.08632.

Ethereum, on the other hand, rose by 1.36% to $2,489.15, making it the top gainer among major cryptocurrencies.

Cryptocurrency-related stocks also fell, with Strategy Inc. and Coinbase Global Inc. closing down 2.87%.