Bitcoin nears 11-week low after ‘discouraging’ US CPI inflation beat
Summary
Bitcoin fell to about $73,518, near its lowest level since Aug. 21, after US October CPI rose 0.4% month over month, exceeding the 0.3% forecast. The report lacked year-over-year data because of the government shutdown; shelter and food were major contributors, while energy inflation slowed from September. Fed Governor Christopher Waller backed a 25-basis-point rate hike in December. After the CPI release, market pricing showed an 85.3% chance of a quarter-point hike and 14.7% chance of a half-point move. US stocks also opened lower, with the Nasdaq down 0.6% before recovering; Nvidia slid nearly 4%.
