This Week in Crypto: Storm Clouds Appear amid High Inflation

Bitcoin Struggles to Flip Past $20,000 Bitcoin (BTC-USD) faced a temporary pullback yesterday as anticipation that the U.S. Federal Reserve will raise rates is climbing amid soaring prices. Following the U.S. Bureau of Labor Statistics' announcement that CPI (Consumer Price Index) rose by 9.1% - the largest 12-month increase in over 40 years - BTC's value fell below the $20,000 support level. More importantly, BTC lost nearly $15 billion from its total market capitalization within 10 minutes, falling from around $379.91 billion to $364.55 billion, as the news of the negative CPI report started gaining mainstream attention.