I also wouldn't say that the price drop was caused by this inflation report. The high inflation was expected and I highly doubt that anyone is surprised by the levels of inflation in the US.
How can you say the cpi report has nothing to do with the dump. After their report S&P500, gold, bitcoin, and EUR/USD took a nose dive simultaneously.
It was because of this CPI data that bitcoin dumped and as a result the whole crypto market dumped. Since the dump was strong and sharp, the bitcoin hasn't been able to recover and is still trading below 20K.
Today is Sunday and it will be interesting to know how the market starts in next week. I am hoping that the market will start recovering from early next week.