Bitcoin Price Trades Down Near $73,500 After Hot CPI Print Lifts Fed Hike Bets
By Micah Zimmerman
AI summary of the source article
Bitcoin traded down near $73,500 after October U.S. consumer price inflation rose 0.4%, beating forecasts and fueling expectations for a larger Federal Reserve interest rate hike in December.
Why it matters
"Higher rates raise the cost of holding an asset that pays no yield, and that math has capped the bitcoin price since Friday’s strong jobs report."
Key facts
- U.S. CPI increased 0.4% in October against forecasts of 0.3%, while core CPI rose 0.3%.
- Bitcoin fell from near $74,300 to about $73,400 immediately following the CPI data release.
- U.S. spot bitcoin ETFs shed $201 million on Monday, including $213.2 million pulled from BlackRock's IBIT.
Source excerpt · Bitcoin Magazine
Bitcoin Magazine Bitcoin Price Trades Down Near $73,500 After Hot CPI Print Lifts Fed Hike Bets Bitcoin price slipped to $73,500 Tuesday morning after October consumer prices rose 0.4%, topping forecasts and pushing traders toward a bigger Federal Reserve rate hike in December. This post Bitcoin Price Trades Down Near $73,500 After Hot CPI Print Lifts Fed Hike Bets first appeared on Bitcoin Magazi…