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Why Crypto Stocks Plunged Today

Why Crypto Stocks Plunged Today

Headline inflation was 0.1% month over month in August, but core inflation (which excludes energy) was up 0.6%. Three of the big movers in crypto today are Coinbase Global (NASDAQ: COIN), which fell as much as 9.3% and is down 6.6% as of 2:30 p.m. ET; Silvergate Capital (NYSE: SI), which fell 7.4% and is now down 6.4%; and cryptocurrency Solana (CRYPTO: SOL), which is down 7.2% today. Higher inflation likely means the Federal Reserve will increase interest rates for longer than investors were hoping.