Bitcoin Sinks to USD72,695 as Hot Inflation Rattles Crypto
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MENAFNThe world’s largest cryptocurrency slid as much as 3% to $72,695, pushing its losses for the year to roughly 17%.
The selloff rippled across the digital asset market. Ether and XRP each shed more than 5%, while Zcash cratered about 14%.
Consumer prices climbed 0.4% in October from the prior month, after a 0.6% jump in September, the Bureau of Labor Statistics reported. Core inflation, which strips out food and energy, stayed at 0.3% for a third straight month.
Both figures overshot forecasts. Markets had expected headline prices to rise 0.3% and core prices to rise 0.2%.
Shelter costs gained 0.3% and made up more than 30% of the total monthly increase. Food prices rose 0.5%, and energy prices advanced 0.7%.
The data sharpened fears that stubborn price pressures may force tighter monetary policy, sapping demand for cryptocurrencies and other speculative holdings.
Higher rates tend to hurt digital assets because they raise yields on interest-bearing investments and tighten financial conditions.
Crypto-linked stocks also sank. Bitcoin treasury firm Strategy lost about 4.4%, US crypto exchange Coinbase slid 4.1%, and stablecoin issuer Circle fell 4.4%.
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