Bitcoin Nears 11-Week Low as October CPI Tops Forecasts

Bitcoin (BTC) fell to an 11-week low near $73,500 Tuesday after October U.S. inflation topped forecasts, adding to expectations that the Federal Reserve will raise rates in December. BTC reached $73,518, its lowest level since Aug. 21, before moving back above $74,000. The drop brought it close to a low recorded Sunday. The Consumer Price Index rose 0.4% month over month in October, above the 0.3% forecast but below September’s 0.6% increase. The energy index rose 0.7%, easing from 5.2% in September, while shelter rose 0.3% and food increased 0.5%. After the report, markets priced in an 85.3% chance of a 25-basis-point rate hike at the Fed’s December meeting and a 14.7% chance of a 50-basis-point increase. Fed Gov.

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