The cryptocurrency market has seen a substantial decline, losing over $60 billion in value amid US inflation concerns.

Bitcoin's price has fallen by over 3.50% to around $48,300 with the potential to slide further to $40,000.

Major US stock indices including the S&P 500, Dow Jones, and Nasdaq have also dropped following the inflation report.

The price of gold has dipped below $2,000 for the first time in the year 2024.

Despite the current market downturn, Bitcoin researcher Tuur Demeester projects a significant increase in Bitcoin value, expecting it to reach $200,000 to $600,000 by 2026.

The US has introduced spot bitcoin ETFs, attracting substantial investment with $11 billion in Bitcoin accumulated and daily inflows averaging $125 million.

The popularity of these ETFs poses a potential challenge due to their demand outpacing the creation of new Bitcoin tokens.