Why is the crypto market down today? By Cointelegraph

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(BTC), Ether (ETH) and other cryptocurrencies have given back their gains despite cooling inflation.

After jumping to one-month highs, BTC price action, as well as that of major altcoins, has reversed downwards — but why?

1-hour candle chart (Bitstamp). Source: TradingView
(DXY) 1-day candle chart. Source: TradingView
U.S. dollar index (DXY) annotated chart. Source: DJ/ Twitter