![Bitcoin-BTC-Price-Drops-2-on-Hotter-Than-Expected-CPI-Inflation-Reading.png Krisztian Sandor](https://cryptotoptrends.com/wp-content/uploads/2024/02/Bitcoin-BTC-Price-Drops-2-on-Hotter-Than-Expected-CPI-Inflation-Reading-678x381.png)
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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