It’s been a volatile week for the crypto markets, only for most tokens to go almost nowhere. Bitcoin (CRYPTO: BTC) is up 5.6% in the past 24 hours as of 4 p.m. ET, but it’s only up 0.9% in the past seven days. Ethereum (CRYPTO: ETH) is up 3.9% in the past day, but only 1.2% in the past seven. And memecoin Dogecoin (CRYPTO: DOGE) has risen 6.3% today and just 0.7% since last week.

The volatility has largely stemmed from inflation data that came out on Thursday. Consumer prices were up 2.4% over the past year, but excluding items like energy (which is down big recently), core inflation was up 3.3%. That sent fear through the market the Federal Reserve wouldn’t cut rates as much as hoped in 2024.

Crypto and interest rates

As much as crypto…