Why are bitcoin and cryptocurrencies falling now?

Wholesale inflation in the United States has surged well above expectations.

U.S. tariffs are starting to impact inflation.

The market fears that the Fed will not cut interest rates in the near future.

The market was experiencing favorable winds. Bitcoin ($BTC ) had reached new all-time highs last night and ether ($ETH ) was on the brink of a new price record. But... suddenly everything changed.