![Bitcoin (BTC) Price Drops 2% on Hotter-Than-Expected CPI Inflation Reading Bitcoin (BTC) Price Drops 2% on Hotter-Than-Expected CPI Inflation Reading](https://digitallifegaming.com/wp-content/uploads/2024/02/LFFBPE3ENRAV5HZ5RGL5KIK3XU-768x402.png)
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The drop happened after the January Consumer Price Index (CPI) report showed 3.1% year-on-year inflation, faster than analysts’ 2.9% forecast. Market participants now see only a 34% chance of the Federal Reserve cutting interest rates in May, down from 52% a day ago, according to the CME FedWatch Tool.
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