Bitcoin Price Crashes to $72,787 After Hotter-Than-Expected CPI

Bitcoin fell below $73,000 on Tuesday after hotter-than-expected October inflation data showed consumer prices rising 0.4%. Bitcoin price fell below $73,000 on Tuesday following the release of October’s consumer price index (CPI) data, which showed a 0.4% monthly increase in inflation. According to Bitstamp data, the cryptocurrency plunged to an intraday low of $72,787 as the latest figures highlighted persistent inflationary pressures, including elevated energy costs that were a key concern during the recent U.S. midterm elections. Before the CPI release, bitcoin had largely held above the $74,000 support level after retreating from nearly $75,500 on Monday. Although the cryptocurrency briefly reclaimed $75,000, its price gradually declined amid mounting concerns over a potential technology and artificial intelligence investment bubble, compounded by bearish sentiment following the U.S. election results.

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