Hotter US inflation data sends bitcoin toward $81,000
Bitcoin dropped sharply after a stronger-than-forecast US consumer price report on October 14 revived worries about another Federal Reserve rate increase. Nearly $1 billion in crypto positions were liquidated, about 60% of them in ether.
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This story is no longer being updated.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
Consumer inflation in the US came in hotter than expected on Wednesday, October 14, reviving fears of another Federal Reserve rate hike. Bitcoin fell sharply toward $81,000, and ether, XRP and other cryptocurrencies sold off with it. Nearly $1 billion in crypto bets were liquidated, with ether accounting for nearly 60% of the forced closures.
Why it matters
Fears of another Federal Reserve rate hike triggered renewed selling across cryptocurrencies and other risk assets.
Timeline
- Oct 14, 3:34 PM ET: Federal Reserve Bank of Chicago President Austan Goolsbee said the latest consumer-level inflation data left him worried.
- Oct 14, 8:02 PM ET: Bitcoin dropped toward $81,000, trading around $81,600 at the latest check, as crypto selling spread.
- Oct 15, 12:25 AM ET: Nearly $1 billion in crypto bets were liquidated as bitcoin, ether and XRP declined, with ether falling roughly twice as much as bitcoin.
- Oct 15, 1:00 PM ET: XRP fell out of its $1.35 to $1.38 trading range amid the wave of liquidations.
Coverage
- XRP Just Lost $1.35. How Low Can It Go? (247wallst.com)
- EOS Falls 10% In Rout (Investing.com)
- Nearly $1 billion in crypto bets liquidated as bitcoin, ether and XRP slide (coindesk.com)
- Bitcoin, Ethereum, XRP and Dogecoin Slide After Hotter-Than-Expected CPI: Analyst Says 'Decisive' BTC… (benzinga.com)
- On the Chain: Bitcoin slides towards US$81,000 as hot US inflation sparks fresh crypto sell-off (Yahoo News)
- Fed's Goolsbee says September CPI data was discouraging (Reuters)
- Hot inflation data pushes US stock futures lower
- US inflation accelerates as energy costs push up wholesale prices
- 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
- US September inflation report comes in hot, pushing bitcoin lower
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