Bitcoin falls below $74,000 after hotter US inflation data
Bitcoin fell below $74,000 on Tuesday after U.S. inflation for October came in hotter than economists had expected.
By Standard Topic. AI-generated from the reporting listed under Coverage. Published . Updated .
What happened
Bitcoin fell below $74,000 on Tuesday after U.S. inflation for October came in hotter than economists had expected. The data pushed traders to bet more heavily on another interest rate increase from the Federal Reserve next month.
Why it matters
Traders now expect the Federal Reserve to raise rates again, which has weighed on risk assets such as cryptocurrencies. Bitcoin fell as much as 3% to $72,695, close to a three-month low.
Timeline
- Nov 10, 9:40 AM ET: Bitcoin fell below $74,000 after U.S. inflation came in hotter than forecast.
- Nov 10, 6:24 PM ET: Bitcoin dropped as much as 3% to $72,695, nearly a three-month low, while Ether and XRP lost over 5%.
Coverage
- Bitcoin falls to nearly 3-month low as US inflation dampens risk appetite (Anadolu Agency)
- CPI Inflation Beats Projections, Bitcoin Holds at $74,000 as ETH, XRP Stay Flat (benzinga.com)
- Bitcoin Falls Below $74K After Hot US Inflation Fuels Fed Rate Hike Bets – Solana, Ethereum, XRP Hit Harder (stocktwits.com)
- Crypto Market News: Bitcoin Slips to $74,200 as Traders Brace for a Fed Hike and Smart Money Backs Pepeto (techbullion.com)
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