Summary
Bitcoin’s price dropped nearly 3% after higher than expected inflation data. Stocks also fell, with tech-heavy Nasdaq down nearly 0.2%. Investors are hoping for interest rate cuts by May, but the Federal Reserve may keep rates steady if inflation remains high. Approval of spot Bitcoin ETFs in January has boosted the crypto market, with over $60 billion in assets under management.
Key Points
1. Bitcoin price dropped nearly 3% following news of higher than expected inflation in February.
2. The producer price index jumped 0.6% last month, indicating that inflation is still a significant factor.
3. Stock markets, including the S&P 500 and Nasdaq, have dropped in response to the inflation data, with investors hoping for a potential interest rate cut by the Federal Reserve to mitigate the impact.