Bitcoin slide driven by oil shock, not inflation alone; correction seen as buying opportunity

Fears that rising U.S. inflation could prompt higher interest rates triggered a sharp decline in Bitcoin and the broader crypto market, but the underlying driver may be an oil-price surge that monetary policy cannot easily address. With Bitcoin’s long-term supply scarcity intact, the correction was characterized as a buying opportunity. In an Oct. 15 video, Altcoin Daily said Bitcoin fell sharply as the September U.S. consumer price index revived the prospect of rate hikes, while arguing that higher borrowing costs alone cannot bring down the oil prices driving inflation. September CPI inflation rose 3.7%, exceeding expectations of 3.6%, while core CPI increased 2.6%, above the 2.5% forecast. The headline figure marked the third-highest U.S. inflation reading since September 2023. The sell-off also extended beyond crypto.

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