Most cryptocurrencies are falling today along with tech stocks, as investors gear up for key inflation data tomorrow that has the potential to move markets in a big way.

Over the last 24 hours, the price of the world's largest cryptocurrency, Bitcoin (CRYPTO: BTC), had fallen roughly 4% as of 2:49 p.m. ET today. In that same time frame, the price of the world's second-largest cryptocurrency, Ethereum (CRYPTO: ETH), had fallen roughly 5%, and the price of meme token Shiba Inu (CRYPTO: SHIB) traded nearly 8% lower.

Tomorrow morning, the U.S. Bureau of Labor Statistics (BLS) will unveil July data for the Consumer Price Index (CPI), which tracks the prices of a wide range of consumer goods and services. Investors use it as one way to gauge inflation. In June, the CPI surprised the market, rising 9.1% year over year. But investors were relieved to some extent because a big chunk of the gain had come from a rise in energy and gasoline prices, which started to come down in July.

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Source Fool.com