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11.11.202600:59:30UTC+00Bitcoin Hits 3-Month Low

Bitcoin dropped below $73,500, its lowest level since mid-August, after stronger-than-expected US inflation data reinforced expectations of further interest rate hikes and dampened appetite for risk assets. The slide brings its year-to-date loss to roughly 16%. In October, US core consumer prices rose 0.3% month-on-month, exceeding market forecasts, while headline inflation quickened to 0.4%.

Before the data release, Fed Governor Christopher Waller had indicated that a 50 basis point rate hike in December should be on the table if core inflation reached 0.3% or higher. Following the figures, Dallas Fed President Lorie Logan signaled that a faster pace of tightening may be warranted. Markets responded by increasing bets on additional rate hikes through mid-2027. This pushed Treasury yields and the US dollar higher, intensifying the pressure on cryptocurrencies.

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