US CPI Shock Pushes Bitcoin Near 11-Week Low

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Bitcoin and US stocks initially fall after October inflation tops forecasts, with traders expecting a quarter-point Fed rate hike in December.

Bitcoin (BTC) dipped toward its 11-week lows near $73,500 at Tuesday’s Wall Street open after US inflation came above expectations.

Bitcoin price action fell as low as $73,518 on the back of higher-than-expected US inflation data before returning above $74,000.

October CPI inflation came in above expectations at 0.4% month-on-month despite a slowdown in energy price growth to 0.7% from 5.2% in September.

Analysis saw the Nasdaq putting in long-term lows amid “extreme” sell-side pressure.

#INIT/USDT has covered all the targets to give a profit of 325%

Markets price in December rate hike after inflation data

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