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Bitcoin falls below $50,000 level after hot CPI data cools bets for Fed cuts

After touching the $50,000 mark on Tuesday, Bitcoin slipped marginally to $49,620 today as hotter-than-expected US inflation raised concerns about further rate cuts. BTC declined as low as $48,325 overnight. Consumer price index dropped to an annual rate of 3.1% in January, according to official data; above economists’ expectations of 2.9%. In December, the CPI stood at 3.4%. In today's trade, altcoins including Solana, Cardano, Avalanche, Chainlink, Dogecoin, Polygon, Toncoin, and Shiba Inu declined, while BNB, Tron, Polkadot, and Internet Computer surged. The total volume in DeFi is currently $5.6 billion, 7.6% of the total crypto market 24-hour volume.

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