Nothing unites Wall Street traders and crypto degens quite like a looming inflation report. Ahead of Wednesday’s Consumer Price Index release, both markets decided the safest move was the exit.
Bitcoin fell below $62K, shedding 2.7% over 24 hours and a steeper 8.4% over the past week. The Nasdaq wasn’t faring any better, dropping 3% as AI-adjacent heavyweights like Nvidia and Intel led the retreat. The correlation between risk assets, once debated, is looking more like settled law.
The numbers tell a grim story
The May CPI print is expected to come in at 4.2%. For context, that’s the kind of number that makes the Federal Reserve less inclined to cut rates, and rate cuts are the oxygen that speculative assets breathe.
Ethereum dropped under $1,650, losing 2.2% in the past day. Solana fell near $65, down 2.9% over the same period. Across the board, risk appetite has evaporated.
