Bitcoin falls to $72,800 as hot US CPI cements December Fed hike bets
Bitcoin fell 3.01% to $72,795 after October US CPI rose 0.4%, above forecasts, while Ether lost 5.52% and traders priced in a December Fed rate hike.
Live chart · BTCUSD, ETHUSD, SOLUSDT, XRPUSD · TradingView
Bitcoin fell 3.01% to $72,795 after US inflation data for October came in hotter than expected. The CPI test the market was bracing for is now behind it, and the result pushed traders further toward pricing a Federal Reserve rate hike in December.
Bitcoin
According to CoinGecko data at 17:00 UTC on 10 November, Bitcoin traded at $72,795, down 3.01% over 24 hours and 6.22% over seven days. The 24-hour range ran from $75,328 to $72,934, and the latest price sat just below that recorded low. Trading volume was $28.4 billion.
Decrypt reports that Bitcoin fell below $74,000 after the inflation beat, while Cointelegraph says the drop took it close to an 11-week low. CoinDesk's live coverage described a nearly three-month low. You can follow the move on the BTC/USD chart.
Ether and the majors
Altcoins fell harder than Bitcoin. Ether dropped 5.52% to $2,016.14, after trading as high as $2,139.47 in the past day. Its seven-day loss is now 12.26%. XRP has lost 18.56% over the week, the steepest decline among the majors. See the ETH/USD chart.
| Coin | Price (USD) | 24h % | 7d % |
|---|---|---|---|
| Bitcoin | 72,795 | -3.01 | -6.22 |
| Ether | 2,016.14 | -5.52 | -12.26 |
| BNB | 670.42 | -2.63 | -4.29 |
| XRP | 1.042 | -5.45 | -18.56 |
| Solana | 81.82 | -5.99 | -12.65 |
| Dogecoin | 0.067046 | -4.43 | -11.13 |
| Cardano | 0.172002 | -4.37 | -9.86 |
Market breadth and sentiment
Total crypto market capitalisation stood at $2.439 trillion, down 6.25% in 24 hours, per CoinGecko. Bitcoin dominance was 59.7% and Ether dominance 10%.
The Alternative.me Crypto Fear & Greed Index read 32 (Fear) on 10 November, up from 29 a day earlier. It has recovered from an Extreme Fear reading of 25 on 7 November but remains well below the neutral 50 seen on 5 November. The daily reading may not fully reflect the post-CPI sell-off.
What drove the move
Inflation beat. CoinDesk reports that US CPI rose 0.4% in October, stronger than expected, with the core rate up 0.3%. CoinDesk says a December hike now appears assured, with Fed Governor Chris Waller suggesting even a 50-basis-point move could be appropriate. Cointelegraph reports that rate-hike bets hit 96% after Waller said he would vote for a 0.25% increase at the December FOMC meeting. For the currency-market view going into the release, see FXCash's look at Aussie data and China imports ahead of US CPI.
ETF outflows. Before the data, CoinDesk reported that Bitcoin lagged a Monday rebound in US stocks as spot ETFs lost $201 million. A separate CoinDesk daybook said Bitcoin had broken with stocks as ETF outflows mounted and miner MARA reduced its holdings.
A contrasting view. Cointelegraph reports that Binance Research says Bitcoin could find support as global monetary tightening slows, even as markets price in a December Fed hike.
Exchange and security news. Decrypt reports that Binance will reject withdrawals to MEXC and hold deposits from it for review, after FinCEN tied MEXC to $16 billion in suspicious flows. Cointelegraph reports that Binance also warned an iOS flaw could expose crypto wallet keys and urged iPhone users to remove apps from untrusted sources.
What to watch next
- December FOMC meeting. Coverage from CoinDesk and Cointelegraph centres on whether the Fed hikes by 25 or 50 basis points.
- Spot Bitcoin ETF flows, after the $201 million outflow CoinDesk reported.
- Senate Banking Committee. Decrypt reports that Elizabeth Warren is preparing to take over the committee and is targeting prediction markets and Trump family crypto businesses.
- Solana Breakpoint. Decrypt reports that Jupiter is launching four products ahead of the event.
- Poland's sanctions bill. Cointelegraph says the bill covering crypto freezes is now before the Senate.
How we make this article: software gathers the market data and the news from the sources linked in the article, then cross-checks them. AI writes the text. People choose the sources, set the rules and run the process. Not investment advice.