U.S. inflation in October rose by 0.4%, higher than the market forecast of 0.3%. Immediately after the data was released on November 10, $BTC dropped to near $73,500. Core inflation also increased by 0.3%, exceeding the forecast of 0.2%. Pressure on the Fed to raise rates has therefore not eased. The market is now strongly leaning toward the possibility of another rate hike in December. Bitcoin was already weakening, so this data further dampened buying enthusiasm. A short-lived recovery may not be convincing if interest rates continue to pressure risk assets.
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