A slight increase in inflation caused crypto prices to tumble.
Key points
Crypto investors could find themselves in the cold for a while longer.
Disappointing inflation data promoted fears that the Federal Reserve will continue its aggressive rate hikes.
Crypto prices fell across the board, as rate hikes are not good for risky assets.
Stocks and crypto prices tumbled yesterday on worse-than-expected inflation news. The latest consumer price index (CPI) figures showed that inflation increased 0.1% for the month and 8.3% year on year. Economists had been hoping for a slight drop. For consumers, it means high prices aren't going away. For investors, it means continued price pressure for higher risk assets.
The suboptimal figures make it more likely that the Federal Reserve will raise interest rates by 0.75% later this month. Rate hikes cause people to pull out of riskier investments such as crypto, and many economists fear that aggressive moves from the Fed could trigger a severe...
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