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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