Crypto Price on February 14: Bitcoin falls below $50,000 level after hot CPI data cools bets for Fed cuts

After touching the $50,000 mark on Tuesday, Bitcoin slipped marginally to $49,620 on Wednesday as hotter-than-expected US inflation raised concerns about further rate cuts. BTC declined as low as $48,325 overnight.

Consumer price index dropped to an annual rate of 3.1% in January, according to official data; above economists’ expectations of 2.9%. In December, the CPI stood at 3.4%.