Bitcoin Slides Below $82K After Hot US Inflation Reading
September US consumer prices rose 3.7%, topping forecasts and pushing bond yields higher as Bitcoin fell below $82,000.
AfroEuropa Newsroom
AfroEuropa desk
Bitcoin dropped sharply after US inflation data for September came in hotter than expected, according to reporting from Decrypt, Cointelegraph and CoinDesk.
The Consumer Price Index rose 3.7% for the month, exceeding analyst forecasts, as Decrypt reported. The figure sent Treasury yields climbing, with Cointelegraph noting that bond yields approached new 24-year highs. Cointelegraph attributed part of the inflation pressure to elevated oil prices.
Bitcoin fell below the $82,000 mark alongside the move in yields, per Cointelegraph. Decrypt reported that the decline tracked a broader pullback in stocks.
The data renewed expectations around Federal Reserve policy. CoinDesk reported that the reading could bring multiple interest rate hikes by the central bank back into consideration, while Decrypt said a Fed hike was again on the table.
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