From Nasdaq:

Cryptocurrencies surged following a US inflation reading that dashed hopes for interest rate cuts. Bitcoin dropped 1% to $49,500 from its position above $50,000 earlier, while Ethereum and Dogecoin also saw gains. The global crypto market cap now stands at $1.87 trillion, with a 3.66% increase in the past 24 hours.

Stocks fell as US inflation data led to higher Treasury yields. The Dow Jones, S&P 500, and Nasdaq Composite all closed lower. The 2-year Treasury yield surged to 4.66%, and the 10-year yield exceeded 4.32% following the release of the CPI data.

Analysts predict a “crypto dot-com bubble” for Bitcoin and the digital asset market, with widespread adoption potentially propelling Bitcoin to well above half a million dollars. Other analysts observed Bitcoin’s slight correction following the higher-than-projected CPI, with the digital asset likely forming an ascending triangle on lower timeframes.



Read more: Bitcoin, Ethereum, Dogecoin Surge Despite Hotter-Than-Expected US Inflation: Analyst Predicts Widespread Adoption Would Propel King Crypto To $600K