Bitcoin falls to $81,900 as hot US CPI revives Fed rate hike bets

Bitcoin fell to $81,886, down 2.02% over 24 hours, after US inflation data for September came in hotter than expected. CoinDesk reports that the report sent bitcoin sharply lower and could put multiple Federal Reserve rate hikes back into play.

That reverses the calm of our last update, when bitcoin held near $83,300 ahead of the release.

Bitcoin

According to CoinGecko data, bitcoin is down 1.28% over seven days. Its 24-hour range ran from a high of $84,025 to a low of $82,294, and the latest snapshot price sits below that recorded low. Trading volume over 24 hours was $30.3 billion.

Earlier in the session, CoinDesk noted that bitcoin briefly reached $84,000 before easing back as traders waited for the data. After the release, CoinDesk's live coverage said bond yields and Fed rate hike expectations jumped, with CPI hotter than expected at both the headline and core levels. Before the data, the dollar had weakened as Fed official Williams cooled hike bets, as covered in this FXCash report on the dollar before CPI.

BTC/USD chart

Ether and the majors

Altcoins fell further than bitcoin. Ether dropped 3.61% to $2,426.93. Cardano posted the largest 24-hour loss among the majors, while Solana is down the most over seven days.

ETH/USD chart

Breadth and sentiment

Total crypto market value stands at $2.773 trillion, down 4.25% in 24 hours, per CoinGecko. Bitcoin dominance is 59.3% and Ether dominance is 10.7%.

The Alternative.me Fear & Greed Index reads 62 for October 14, still in "Greed" and up from 57 a day earlier. The reading is lower than the 71 recorded on October 7 and has swung between 57 and 69 over the past week. Today's figure may not fully reflect the post-CPI drop.

Main news drivers

• Ledger fallout widens. Decrypt reports that Ledger asked resellers in seven Asian markets to pull devices after a suspected $86 million drain. European electronics chain MediaMarkt Saturn has also halted Ledger sales after a customer in Germany reported finding an implant.
• Kraken parent buys an EU bank. According to CoinDesk, Payward agreed to buy Lithuania's Saldo Bank, which holds $190 million in total assets, becoming the first crypto firm to buy an EU bank. Cointelegraph reports the deal is expected to close in 2027.
• Bank-backed euro stablecoin cleared. CoinDesk reports the Dutch central bank granted Qivalis, backed by BBVA, BNP Paribas and ING, an e-money license under MiCA rules.
• French stablecoin tax pushback. CoinDesk reports that Chainalysis's France CEO warned a proposed 31.4% tax on regulated stablecoins could push traders offshore.
• Tokenized stocks. Nasdaq-listed Perpetuals.com is the second company to pursue a US tokenized stock marketplace under the SEC's new framework, CoinDesk reports.

What to watch next

1. Fed hike pricing. CoinDesk says the hot CPI print could put multiple Fed rate hikes back into play.
2. Qivalis launch. Cointelegraph reports issuance of its euro stablecoin is planned for the coming months, subject to additional MiCA requirements.
3. Ledger response. Watch for further reseller actions after the Asian pullback and MediaMarkt Saturn halt.
4. SBF appeal. Cointelegraph reports that if the US Supreme Court grants review, a decision could come as early as June 2027.