Bitcoin recovered from a nearly 5% drop on Thursday after the January U.S. inflation report showed a 7.5% increase in prices, a four-decade high
The increase in inflation was the fastest since February 1982 and exceeded economists' predictions of a 7.3% rise
U.S. Federal Reserve is expected to raise interest rates next month, which could ease inflation over time
Stocks also fell on Thursday, with the S&P 500 down as much as 2% over the past 24 hours, while Treasury yields rose above 2%
Stocks also fell on Thursday, with the S&P 500 down as much as 2% over the past 24 hours, while Treasury yields rose above 2%
In crypto markets, bitcoin outperformed most alternative cryptocurrencies
BTC was roughly flat over the past 24 hours, versus a 4% drop in ETH and a 6% drop in SOL
Some analysts expect selling pressure to eventually wane, while others expect slowing economic growth and tighter monetary policy will keep buyers on the sidelines