Bitcoin Price Trades Down Near $73,500 After Hot CPI Print Lifts Fed Hike Bets

Bitcoin Magazine Bitcoin Price Trades Down Near $73,500 After Hot CPI Print Lifts Fed Hike Bets Bitcoin price traded near $73,500 on Tuesday morning, down about 1% over the past day and roughly $32,000 below its price one year ago, after a hotter-than-expected inflation report revived fears of a larger Federal Reserve rate hike, according to Bitcoin Magazine Pro data. The U.S. consumer price index rose 0.4% in October, above the 0.3% economists expected. Core CPI, which strips out food and energy, climbed 0.3% against forecasts for 0.2%. Bitcoin price had been holding near $74,300 in the minutes before the 8:30 a.m. ET release. It dropped to about $73,400 right after the print, briefly undercutting Monday’s overnight low of $73,477 , before steadying in the high-$73,000s.

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