The cryptocurrency market pointed south on Tuesday as inflation hit 8.3 per cent in the US last month as the price of goods rose 0.1 per cent on a month-on-month basis.
This exceeded expectations of a cool-off to 8.1 per cent.
The markets reacted in a panicked fashion, with the crypto market tumbling hard immediately after the data dropped.
Bitcoin (BTC) and Ethereum (ETH) were hit hard, with the former losing 10.2 per cent to sell at $20,082.22 and the latter declining by 7.8 per cent to sell at $1,584.27.
Solana (SOL) depreciated by 10.4 per cent to $33.78, Cardano (ADA) recorded an 8.3 per cent decrease to sell at $0.4675, Ripple (XRP) lost 6.7 per cent to trade at $0.3338, Dogecoin (DOGE) made a 6.1 per cent fall to trade at $0.0601, Binance Coin (BNB) recorded a 5.5 per cent depreciation to quote at $277.28, while Litecoin (LTC) slid 4.1 per cent to $58.80.
However, Binance USD (BUSD) and the US Dollar Tether (USDT) closed flat at $1.00 each.
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