Bitcoin Falls as Hot US Inflation Fuels Fears of Bigger Fed Rate Hike
Summary
Bitcoin briefly fell to about $73,525 after October U.S. CPI and core CPI each exceeded forecasts by 0.1 percentage points, renewing expectations that the Federal Reserve may keep rates higher or consider a larger December hike. Bitcoin remained about 1% lower over 24 hours, while Ethereum and other major tokens also weakened; roughly $178 million in crypto long positions were liquidated within an hour. The decline added to existing pressure from Bitcoin’s weekly losses and $201 million in U.S. spot Bitcoin ETF outflows on Monday. Bond yields rose and the dollar strengthened after the inflation report. The Fed’s December meeting is scheduled for December 8–9, before the next CPI release.
