Bitcoin fell sharply overnight after U.S. consumer price index (CPI) data came in above expectations for September. $BTC
The report also pointed to an increase in core inflation, as rising energy costs spread through the broader economy.
CPI data intensified concerns that the Fed will raise interest rates at least once more before the end of the year—a move that tends to be negative for speculative assets such as cryptocurrencies.
Markets maintained a 70% probability that the Fed would raise interest rates by another 25 basis points in December, following a similar move in September. Bets on a pause in October remained unchanged, as indicated by CME FedWatch.
The CPI data also triggered a sharp drop in technology and artificial intelligence stocks globally, as investors lowered their projections for future profits in the sector amid the prospect of higher interest rates.#bitcoin
