Bitcoin slightly dips following U.S. CPI report

Bitcoin fell 0.23% in the hour following the release of the U.S. Consumer Price Index (CPI) on Thursday, to US$26,764 as of 9:30 p.m. in Hong Kong.

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Fast Facts

• The CPI held steady at 3.7% on a yearly basis in September, matching the August print and slightly above expectations of 3.6%, the Bureau of Labor Statistics reported. 

• The annual core CPI, excluding volatile food and energy prices, rose 4.1% in September, matching preliminary estimations. The index for shelter was the largest contributor to the increase, followed by gasoline.

• The CPI reading, paired with remarks from Atlanta Federal Reserve President Raphael Bostic, who said that the Fed may not need to raise interest rates further, could send positive signals to investors hoping for a pause in interest rate hikes.

• The CME FedWatch Tool predicts an 88.3% chance that the Fed will leave its benchmark borrowing rate unchanged at the next meeting, up from 79.9% one week ago.

• The Federal Open Market Committee is set to meet for its next interest rate decision on Halloween day. 

• Bitcoin has been trading below the US$30,000 since July 24, but is still up over 63% year-to-date, according to CoinMarketCap data.

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• Source: https://forkast.news/bitcoin-slightly-dips-u-s-cpi-report/