Bitcoin Tumbles As Crypto Market Plunge Erases $150 Billion—But 'Worst May Be Ahead'

As such, inflation data and the January jobs report in the weeks to come could also spur losses, Hasegawa said, particularly if the Bureau of Labor Statistics reports another higher-than-expected inflation figure, which could pressure officials to hike rates aggressively to help combat the surging prices.

Eli Ndinga, a research lead at cryptocurrency issuer Amun, agreed in an email, saying the recent inflation reports have"instilled fears that the U.S. economy could be headed towards a recession" as the Fed reverses pandemic-era stimulus measures.

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