Bitcoin Drops Below $74,000 as Core Inflation Runs Above Forecasts
By Unchained
AI summary of the source article
Bitcoin dropped roughly 1.2% to touch $73,400 following the release of the October inflation report. The Bureau of Labor Statistics reported that headline CPI rose 0.4% and core CPI rose 0.3%, both coming in above economists' forecasts.
Key facts
- Bitcoin fell about 1.2% to touch $73,400 on Coinbase shortly after the October CPI report was released.
- October headline CPI rose 0.4% and core CPI rose 0.3%, both a tenth of a percentage point above expectations.
- Trading volume jumped to about 483 BTC in the five minutes following the 8:30 a.m. ET release, up from about 36 BTC in the prior five minutes.
Source excerpt · Unchained
Bitcoin swung more than $1,100 in the five minutes after the Bureau of Labor Statistics released October inflation data, then traded in the high-$73,000s. The post Bitcoin Drops Below $74,000 as Core Inflation Runs Above Forecasts appeared first on Unchained .