Bitcoin Falls 2.2% to $73,649.4 as US Inflation Rises in October
Key Facts
Bitcoin fell 2.2% to $73,649.4 by 17:29 Eastern time on Tuesday, November 10, according to data cited by Investing.com, in a session that coincided with a higher-than-expected reading on US inflation. Bureau of Labor Statistics data showed the Consumer Price Index rose 0.4% in October, following a 0.6% increase in September. Investing.com attributed pressure on the cryptocurrency to the inflation data, as well as continued regulatory uncertainty and outflows from spot exchange-traded funds. The decline puts bitcoin's movement in the context of renewed bets on the path of US interest rates.
The monthly increase in the headline index was slower than in September, but persistent underlying price pressures remained. The Consumer Price Index excluding food and energy rose 0.3% in October, the same rate recorded in September and August, according to the Bureau of Labor Statistics. The Associated Press said both headline and core inflation readings exceeded expectations by one-tenth of a percentage point each. The bureau, meanwhile, did not publish an annual inflation rate for October because it did not collect October 2025 data during the lapse in appropriations.
Shelter was the largest contributor to the monthly increase in the headline index, with its index rising 0.3% in October, according to the Bureau of Labor Statistics. The food index rose 0.5% during the month, while the energy index increased 0.7%. These components provide a breakdown of the sources of the monthly increase, as the core index's rate of rise held at 0.3% for the third consecutive month. The Associated Press said consumer spending drove most of the growth in the US economy, which expanded at an annualized rate of 3.4% in the quarter from July to September. This coincided with investors awaiting the impact of price data on Federal Reserve decisions.
Bitcoin exchange-traded funds recorded outflows of $201 million on Monday, November 9, according to SoSoValue data cited by Investing.com. Outflows had exceeded $1.2 billion in the previous week, and their effects continued into the current week, according to the same report. These figures place fund outflows among the factors accompanying Tuesday's decline. The previous day, bitcoin had risen 0.5% to $75,120.2 by 18:07 Eastern time, as risk appetite improved on Wall Street. This provides a direct comparison between Monday's rebound and the following session's decline.
This followed a broader decline in the cryptocurrency market on Monday, November 9, when bitcoin fell more than 2% to $73,708, its lowest level since August, before partially rebounding, according to a Reuters report published by Investing.com. Ether also fell about 5% to $2,223, likewise reaching its lowest level since August. The Reuters report pointed to concerns about tighter regulation after the midterm elections, and to the fallout from the Binance hack, which the report said was valued at $6 billion. These concerns formed part of the backdrop to the pressure that preceded the US inflation data, while Tuesday's report also attributed continued pressure to regulatory uncertainty and fund outflows.
The Associated Press said the inflation data raised the likelihood that the Fed would increase interest rates at its next meeting in December. The agency quoted Federal Reserve Governor Christopher Waller as saying a half-percentage-point increase next month was "possible," double the usual quarter-point increase. By contrast, the CME FedWatch estimate cited by Investing.com in a report published on November 11 showed markets pricing in a roughly 89% chance of a 25-basis-point rate increase in December, with a lower probability of a larger 50-basis-point increase. The Federal Open Market Committee will hold its next meeting on December 8 and 9, according to the Fed's schedule. The Consumer Price Index data for November are scheduled for release on December 10, 2026, at 8:30 a.m. Eastern time, according to the Bureau of Labor Statistics.