Bitcoin drops 1.2% after CPI inflation data comes in higher than expected

Bitcoin declined by about 1.2% within minutes following the release of the October inflation data on Tuesday, briefly dipping to $73,400 on Coinbase before stabilizing in the high $73,000s. The Bureau of Labor Statistics reported at 8:30 a.m. ET that the Consumer Price Index rose 0.4% for October, seasonally adjusted, compared to a 0.6% gain in September. Core CPI, which excludes volatile food and energy prices, increased 0.3%, matching its readings from August and September. These statistics came in a tenth of a percentage point above the consensus forecasts from economists, who generally expected a 0.3% rise in headline CPI and 0.2% in core CPI. The Cleveland Fed’s inflation nowcast had also anticipated both figures to be closer to 0.2%.

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