Bitcoin (BTC) price falls 2% on higher-than-expected CPI inflation reading

The decline comes after the January Consumer Price Index (CPI) report showed inflation at 3.1% year-on-year, faster than analysts’ forecasts of 2.9%. According to the CME FedWatch Tool, market participants now see the probability that the Federal Reserve will cut interest rates in May at 34%, down from 52% a day earlier.