Why Bitcoin Is Nosediving Today

Bitcoin BTC/USD is trading lower by 3.75% to the $18,300-level Thursday morning. Cryptocurrencies at large are falling Thursday after September CPI data showed worse-than-expected inflation. This has driven a risk-off sentiment and has also raised the potential for further Fed policy tightening to curb inflation.

Cryptocurrencies have also been seen by some investors as a speculative hedge against inflation and the Fed's plans to curb inflation could weigh on the broader cryptocurrency sector.

What Happened?

According to data from the U.S. Bureau of Labor Statistics, the headline CPI rose 8.2% in September, down from 8.3% in August. The September CPI reading came in above average economist estimates of 8.1%. 

On a month-over-month basis, CPI was up 0.4% versus average economist estimates for a 0.2% jump...Read More

See Also: September Inflation Runs Hot At 8.2%, Sending Stocks Spiraling Lower: What You Need To Know

 

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