Bitcoin fell to $73,600 after October's Consumer Price Index came in above expectations. The BLS released no year-over-year figures, and odds of a December Fed rate hike now sit well above 90%.
Bitcoin sank after the Bureau of Labor Statistics reported that October CPI exceeded expectations. Headline CPI rose 0.4% and Core CPI, which excludes energy and food, rose 0.3%.
Experts had forecast a 0.3% month-over-month increase in the headline reading and 0.2% for Core CPI, according to the report. However, the release carried no year-over-year numbers, because the BLS said missing data from the October 2025 government shutdown prevents reliable annual comparison.
Bitcoin drops further below $74,000
The price was already struggling to hold above $74,000 before the release. The reading pushed it well below that level, and it now sits at multi-month levels at $73,600.
September CPI showed a 3.7% year-over-year rise, slightly above the estimated 3.6%, and bitcoin nosedived as expectations for a Fed rate hike rose.
Markets price a December rate hike
Odds that the US central bank raises rates at the last FOMC meeting of the year are well above 90%.
Before the release, Joseph Brusuelas, chief economist at RSM, said the data would show "further evidence of stubborn and sticky inflation, especially in the service sector." He expected a December rate hike and did not expect the October CPI data to dislodge the Fed from that path.
Source: CryptoPotato
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