U.S. October CPI came in hotter than expected; Bitcoin fell below $73,000
The U.S. Bureau of Labor Statistics reported last night that October CPI rose 0.4% month over month, above the expected 0.3%. Core CPI rose 0.3%, above the expected 0.2%, and has remained at 0.3% for the third consecutive month.
Within five minutes of the data release, Bitcoin plunged from around $74,800 to near $73,500, hitting an intraday low of about $72,800—an 11-week low. Ethereum fell below $2,050.
Liquidations across the crypto market exceeded $600 million in 24 hours, with long positions accounting for the bulk. The probability of a Fed rate hike in December rose to around 85%.
The hotter-than-expected inflation reinforced expectations of a December rate hike, putting pressure on risk assets. The next key data release is Friday’s PPI.
For informational purposes only; not investment advice
$BTC $ETH $BNB #CPI #FederalReserve
The U.S. Bureau of Labor Statistics reported last night that October CPI rose 0.4% month over month, above the expected 0.3%. Core CPI rose 0.3%, above the expected 0.2%, and has remained at 0.3% for the third consecutive month.
Within five minutes of the data release, Bitcoin plunged from around $74,800 to near $73,500, hitting an intraday low of about $72,800—an 11-week low. Ethereum fell below $2,050.
Liquidations across the crypto market exceeded $600 million in 24 hours, with long positions accounting for the bulk. The probability of a Fed rate hike in December rose to around 85%.
The hotter-than-expected inflation reinforced expectations of a December rate hike, putting pressure on risk assets. The next key data release is Friday’s PPI.
For informational purposes only; not investment advice
$BTC $ETH $BNB #CPI #FederalReserve