Crypto Market Cap Drops 3.7% Following US Inflation Data

Key Facts

1The total crypto market capitalization fell by 3.7% to $2.7 trillion within a 24-hour period.

2The US Consumer Price Index (CPI) rose 3.7% in September, moving further away from the Federal Reserve's 2.0% target.

3Bitcoin price dropped to $81,000 amid a sell-off that affected altcoins including Raydium and Starknet.

The total cryptocurrency market capitalization fell by 3.7% to $2.7 trillion within a 24-hour period. Invezz reported that Bitcoin dropped to the $81,000 level amid a broader sell-off that impacted altcoins including Raydium and Starknet.

The market decline followed the release of US Consumer Price Index (CPI) data, which rose 3.7% in September, moving further away from the Federal Reserve's 2.0% target. The stronger-than-expected inflation figures have fueled concerns that the central bank may maintain restrictive monetary policies for a longer duration.