US September inflation report comes in hot, pushing bitcoin lower
Consumer prices rose faster than expected in September, and bitcoin dropped sharply after the release. Traders had been waiting on the inflation figures.
By Standard Topic. AI-generated from the reporting listed under Coverage. Published . Updated .
This story is no longer being updated. It reflects reporting up to .
What happened
Cryptocurrencies had posted steady gains on Tuesday, October 13, as investors awaited September's U.S. consumer inflation data. Bitcoin briefly reached $84,000 before easing back while traders waited for the report. The September consumer price index then came in hot, sending bitcoin sharply lower.
Why it matters
The hot reading could put multiple interest rate hikes by the Federal Reserve back into play.
Timeline
- Oct 13, 11:06 PM ET: Leading cryptocurrencies posted steady gains on Tuesday as investors awaited September's consumer inflation data against a backdrop of elevated oil prices.
- Oct 14, 6:51 AM ET: Bitcoin briefly reached $84,000 before easing back, while the CoinDesk 80 fell 0.6% since midnight as traders waited for the U.S. inflation report.
- Oct 14, 8:33 AM ET: The September consumer price index came in hot, sending bitcoin sharply lower and raising the prospect of multiple Federal Reserve rate hikes.
Coverage
- Hot inflation data pushes US stock futures lower
- US inflation accelerates as energy costs push up wholesale prices
- Hotter US inflation data sends bitcoin toward $81,000
- Bitcoin and Ether funds see $391 million in outflows
- US inflation climbs to 3.7%, stocks slide and Fed hike fears grow
- Wholesale prices jump 6.3% annually in September
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