Bitcoin Drops Below $74,000 as Core Inflation Runs Above Forecasts

Bitcoin (BTC) fell about 1.2% within minutes of the October inflation report on Tuesday, touching $73,400 on Coinbase before steadying in the high-$73,000s. The Bureau of Labor Statistics (BLS) reported at 8:30 a.m. ET that the Consumer Price Index (CPI), its main gauge of consumer prices, rose 0.4% in October on a seasonally adjusted basis, after a 0.6% gain in September. Core CPI, which excludes food and energy, rose 0.3% , matching its August and September readings. Both figures were a tenth of a percentage point above what economists had expected. Consensus forecasts called for headline CPI to rise about 0.3% and core CPI about 0.2%, while the Cleveland Fed’s inflation nowcast had both measures nearer 0.2%.

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