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AI summary of a third-party reportBearishNewsDesk

Bitcoin falls below $74,000 as hot US inflation lifts odds of bigger Fed hike

US consumer prices rose 0.4% in October, above forecasts, and Bitcoin briefly dropped to about $73,525 as traders priced a small chance of a 50-basis-point Fed rate rise in December.

Why it matters: Higher inflation can keep interest rates elevated, which tends to weigh on assets such as Bitcoin that pay no yield, and the report has already triggered liquidations and ETF outflows.

InvestIn.News NewsDesk · 1 min read
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Picture from Decrypt for: Bitcoin falls below $74,000 as hot US inflation lifts odds of bigger Fed hike
Image: Decrypt
Original reporting: Jose Antonio Lanz, Decrypt

Key points

  • October CPI rose 0.4% against a forecast of 0.3%, with core CPI up 0.3% versus 0.2% expected.
  • Bitcoin briefly fell to around $73,525 and about $178m in crypto long positions were liquidated within an hour.
  • Fed Governor Christopher Waller said a 50-basis-point December hike should be considered, and market odds of that rose to nearly 15%.

Bitcoin traded near $74,200 before the release and briefly dropped to about $73,525, recovering towards $74,000 but staying roughly 1% lower over 24 hours. The asset had already lost around 4.5% over seven days, and US spot Bitcoin ETFs saw $201m in net withdrawals on 9 November.

The report landed hours after Fed Governor Christopher Waller, speaking in London, said a 50-basis-point hike should be considered at the December meeting if core CPI stayed at 0.3%. October's reading hit that level, and analysts raised the implied odds of such a move to nearly 15%, Reuters reported. The Fed's benchmark rate sits between 3.75% and 4%.

Read the full story on Decrypt

Live updates on NewsFeeds:MacroBitcoinDesk editor: Keshav Aggarwal (accountable for this page; this summary was not edited by hand)

How this was produced: an AI model wrote this summary of Decrypt’s report, which we credit and link above. Read our Editorial and AI policy. Spotted a mistake? See Corrections.

Not investment advice. Read the risk disclaimer.

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