Bitcoin (BTC) sank back to $23,000 on Friday shortly after the Personal Consumption Expenditure (PCE) price index registered a 5.4% annual increase, and a 0.6% monthly increase, in January.

The higher-than-expected figure means the Federal Reserve’s war against rising inflation will likely continue. 

Bitcoin started at roughly $24,000 on Friday, staying above $23,800 until about 13:30 UST – when January’s PCE figure was released.

The asset tumbled after that, falling as low as $23,000 within just 30 minutes. It trades for $23,217 at writing time.