The world's top cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH) reversed on Tuesday gains registered a day ahead after the United States inflation reported a higher-than-expected figure in January.
The cryptocurrencies' decline after the higher US inflation report could stem from concerns over rising interest rates and a subdued economy. Heightened inflation prompts fears of tighter monetary policy, which could discourage investors from risky assets such as cryptocurrencies.
Bitcoin fell by 2.82% at 10:14 am ET, selling for $48,533, while Ethereum dropped 1.65% for $2,616.62, simultaneously.
