Why Did the Crypto Market Crash After the US Inflation Report?
The crypto market crashed on Thursday even as the US published an encouraging inflation report. Bitcoin dumped to $85,300, while top tokens like MYX Finance, PUMP, Pudgy Penguins, and Hyperliquid fell by over 10%. As a result, the market cap of all tokens dropped to $2.87 2 trillion.
Crypto Market Crash Happened After the Inflation Report
Bitcoin and most altcoins dropped after the US published the latest inflation report on Thursday. This drop was bizarre as it happened on the same day that the US equities market rebounded, with the Dow Jones, S&P 500, and Nasdaq 100 indices rising by 65, 53, and 315, respectively. The closely-watched VIX Index dropped by 4.28%.
The inflation report showed that…
