Concerns over US inflation drag crypto markets lower

Bitcoin (BTCBTC) fell 5.8% this afternoon to $95,500, after surpassing the $100,000 mark earlier this week, according to data from The Block. Ethereum (ETH) fell even further, losing 8.5% over the past 24 hours to trade at $3,365.

Other major cryptocurrencies such as Dogecoin (DOGE) and Avalanche (AVAX) were not immune to the sharp decline, both down more than 10% over the same period. The Block’s GMCI 30 Index, which tracks the performance of the top 30 coins, fell 7.48%, reflecting the overall market decline.