Bitcoin slips to $81,600 as CPI hangover lingers and banks widen access

Bitcoin drifted lower into the evening and traded at $81,562, down 1.87% over 24 hours, as the selling that followed this afternoon's hot US inflation report failed to reverse. Away from prices, the day's news flow tilted toward traditional banks opening crypto trading to their clients, with Russia's Sberbank and Standard Chartered both announcing new access.

Bitcoin

According to CoinGecko data, Bitcoin is also down 1.87% over seven days. Its 24-hour range ran from a high of $84,025 to a low of $81,376, so the price sits close to the bottom of that band. That is below the $81,886 level in our afternoon report. Trading volume over 24 hours was $33.7 billion.

The driver remains the September CPI release. Decrypt reports that inflation hit 3.7%, above forecasts, sending Treasury yields higher and dragging crypto down with stocks. Cointelegraph said bond yields were targeting new 24-year highs, and it linked the hot reading to high oil prices. For the currency side of the same story, see our sister site's coverage of how the dollar jumped on the hotter CPI print.

Chart: BTC/USD on TradingView

Ether and the majors

Ether fell harder than Bitcoin, down 3.14% to $2,418.10 and 5.87% lower on the week. Every large cap in the table is in the red on both windows. Solana and Cardano show the deepest weekly losses, near 10%.

Breadth and sentiment

Total crypto market value stands at $2.764 trillion, down 4.93% in 24 hours, a steeper drop than any single coin above. Bitcoin dominance is 59.3% and Ether dominance is 10.7%.

The Alternative.me Fear & Greed Index reads 62 (Greed) for October 14, up from 57 the day before. The index has stayed in Greed for all of the past eight days but is below the 71 it showed on October 7. Today's daily reading may not fully capture the post-CPI move.

Main drivers

• Banks move in. Decrypt reports that Sberbank, Russia's biggest bank, now holds custody and exchange status under the country's new crypto law and plans to bring Bitcoin, Ethereum and USDT to apps used by 110 million retail clients. Separately, Decrypt says Standard Chartered won Dubai approval to let affluent UAE clients buy BTC and ETH directly from their bank accounts.
• USDC under EU oversight. Cointelegraph reports that Circle's USDC has been classified as a "significant e-money token" under MiCA and will be overseen by French and EU authorities.
• ETF assets recover. CoinDesk reports that BlackRock's crypto ETF assets rose 63% to $79.6 billion, though holdings remain 23% below year-ago levels.

What to watch next

1. Solana's Alpenglow upgrade on October 21. Decrypt reports it replaces the TowerBFT voting system and targets finality of 150ms, down from 12.8 seconds.
2. Illinois crypto tax challenge. According to Cointelegraph, industry groups are seeking summary judgment against a 0.2% tax on crypto assets, after officials agreed to delay it.
3. Euro stablecoin launch. Cointelegraph says Qivalis won a Dutch e-money license and plans issuance in the coming months, subject to further MiCA requirements.
4. Prediction market oversight. CoinDesk reports that Kalshi CEO Tarek Mansour feels "pretty good" about the pending legal fight over who regulates US prediction markets.