The cryptocurrency market experienced a significant decline on Tuesday evening, despite a generally supportive environment for risk assets. This came on the heels of a cooler-than-expected October inflation reading, which led to a surge in stock prices and a substantial drop in bond yields.
What Happened: October’s U.S. inflation data surpassed expectations, as the headline Consumer Price Index (CPI) remained flat for the month, defying economist forecasts of a 0.1% increase. Meanwhile, the core rate experienced a modest rise of just 0.2%, outperforming predictions for a 0.3% increase.
