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The cryptocurrency market has taken a drubbing after the Bureau of Labor Statistics reported that the U.S. consumer price index had risen to its highest level since 1982.

Bitcoin, the top cryptocurrency, has edged 2.76% lower on the news, dropping to an intraday low of $43,417 on the Bitstamp exchange.

Solana, Cardano, Shiba Inu, Dogecoin and other altcoins dipped in tandem with the king.

The CPI has increased by 0.6% over the past month, beating analysts’ expectations.

The fact that inflation is running hotter than expected means that the U.S. Federal Reserve is more likely to hike the benchmark short-term interest rate by 50 basis points in March.

U.S. stock futures slumped lower on the news now that the Fed is expected to put more pressure on risky assets.

Yield on the benchmark 10-year Treasury bond broke above 2% for the first time since August 2019 on the new inflation data. As reported by U.Today, crypto tycoon Mike Novogratz recently said that it was a “logical target” for him.