Bitcoin slips below $18,200 as US inflation data weigh on markets

As investors awaited the results of the U.S. Bureau of Labor Statistics’ (BLS) latest report, Bitcoin slid below $19,000, testing a range beneath $18,600.

At the time of writing, the asset was trading near $18,695.

According to CoinGecko, in the last 24 hours Bitcoin fell 2.6%. Other top-10 cryptocurrencies by market cap were also in the red. The worst performers were Cardano (-9.7%), Solana (-7.8%) and XRP (-7.7%).

On October 13 at 15:30 (Kyiv/Moscow Time) the CPI will be published. The consensus inflation forecast by Bloomberg analysts expects the CPI to slow to 8.1% year over year.

13 October 2022 | 16:19Update:

BLS опубликовало данные по инфляции в США. CPI за сентябрь составил 8.2% (предыдущее значение 8.3%). Базовый уровень инфляции за месяц вырос до 6.6% (прошлый показатель 6.3%), что является самым высоким уровнем с 1982 года.

Bitcoin fell below $18 200. At the time of writing the asset traded near $18 320.

According to CME Group, futures traders are pricing in a 75-basis-point hike in the target rate of the Fed at the November 2 meeting, with odds above 90%.

QCP Capital traders noted that Bitcoin prices typically fell around 4% in the 30 minutes after CPI release if the index beat expectations. Conversely, when the figure came in below the consensus, the asset price rose by about 2% on average.

5/ Conversely, when CPI was lower than consensus, BTC has gained an average of 2%, including in Aug when it rallied 4% on a weaker-than-expected reading (Chart 3).

— QCP Capital (@QCPCapital) October 13, 2022

On October 7, after the release of the U.S. unemployment report, the price of Bitcoin fell below $20,000.

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