The new inflation data caused US dollar index DXY to climb to 105.40 and the US 10-year Treasury yield jumped by 0.055% to 4.504%. As Bitcoin moves opposite to DXY and Treasury yields, a rise in both has caused a downfall in Bitcoin price to $60k, triggering a crypto market selloff. Chesnot / Getty Images Stephen Alpher Conditions might also get worse before they get better. Following a major crash, prices could also continue to go down for some time, especially if the event causes financial troubles for other exchanges or currencies. Omkar Godbole Despite reaching record highs of almost $74,000 on Thursday March 14, the price of Bitcoin BTC dropped by 9% early on Friday March 15 to $66, 885. Digital Trend reports “The recent strong CPI data has cooled the expectation of a Fed rate cut, and gold prices have also tumbled. The recent surge in bitcoin prices has been too fast for the market to price correctly, so a current correction is expected," Greta Yuan, Head of Research at VDX, said in a note.