The cryptocurrency market is experiencing turmoil as investors anxiously await the release of the April Consumer Price Index (CPI) report on May 15. Projections indicate a 3.3% to 3.4% inflation rate, exceeding the Federal Reserve's 2% target. This has led to a significant decline in Bitcoin's price, dropping over 5% in just one week, and Ethereum and other altcoins have followed suit.

The crypto market is reeling from the news, with Bitcoin dipping below $60,500 before slightly rebounding to $60,959. Ethereum has seen an 8.62% decrease, trading at $2,884, according to CoinMarketCap data. The top ten cryptocurrencies have experienced corrections ranging from 4% to 10% due to the heightened selling pressure.

As economic indicators continue to fluctuate, investors are bracing themselves for potential impacts on monetary policy and asset values in the coming weeks. The Federal Open Market Committee (FOMC) is expected to delay interest rate cuts until July or later, allowing inflationary pressures to persist. The crypto market remains uncertain, and investors are cautiously monitoring the situation.