Bitcoin drops 3% as U.S. inflation rises 0.4% in September

After the U.S. Bureau of Labor Statistics (BLS) revealed that the consumer price index (CPI), a crucial inflation indicator, increased 0.4% from August to September

 According to CoinMarketCap, the largest cryptocurrency by market capitalization was trading at US$18,432 at 10:30 p.m. Hong Kong time.

Following the publication of the CPI statistics, all of the top 10 cryptocurrencies, barring stablecoins, traded negatively.

The CPI increased 8.2% over the previous year, exceeding the projected 8.1% increase

suggesting that the Federal Reserve would probably continue raising interest rates until inflation falls below 2%.

Before the U.S. midterm elections next month, the most recent CPI report will be released.


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US stocks stage big reversal to jump 2% after September inflation hits highest level since 1982