News
Hot US CPI wipes out $200M in crypto bets, raises Fed hike odds
A US Consumer Price Index report showed a 0.4% rise in October, surpassing expectations and causing Bitcoin and gold to fall. The surprise data erased roughly $200 million in leveraged crypto positions within five minutes. Traders had already priced an 84% chance of a December Federal Reserve rate hike, and core inflation held steady at 0.3% for a third month, increasing expectations of higher borrowing costs for bonds, stocks, gold, and Bitcoin.