Bitcoin drops below 82,000 dollars as September inflation rises

Bitcoin fell below 82,000 dollars following the opening of Wall Street on Wednesday after United States inflation figures exceeded market expectations. Cointelegraph and The Block both reported that the drop in the cryptocurrency market occurred as higher inflation data revived concerns about potential interest rate hikes by the Federal Reserve. [1][2][4]

Data from the Bureau of Labor Statistics confirmed that the Consumer Price Index for September increased to 3.7 percent year-on-year, which Cointelegraph reported was 0.1 percent above consensus expectations. Cointelegraph and TradingView noted that cryptocurrency prices, gold, and stock market futures dropped following the publication of the report, while bond yields targeted 24-year highs. [1][2][3]

Higher energy costs contributed significantly to the inflation figures. According to Cointelegraph, Bureau of Labor Statistics data showed the gasoline index increased by 9.1 percent in September, accounting for more than half of the monthly increase across all items, while the total energy index rose 5.2 percent over the month. [1][2]

As FTMQ Crypto reported earlier, Bitcoin had already dropped below 83,000 dollars on October 7 due to rising oil prices and escalating tensions in the Middle East. That previous market movement coincided with 500 million dollars in total cryptocurrency liquidations after Brent crude oil reached 102 dollars per barrel. [11]

Subsequent coverage by Quartz noted that Bitcoin continued to slide toward 81,500 dollars later in the day. FXStreet reported that analytics firm Glassnode has flagged the 80,000 dollar level as a potential target following the inflation data release. [8][10]