Bitcoin Drops $1,000 to $82,800 After US September CPI Rises 3.7% Above Forecasts

The US Consumer Price Index rose 3.7% year-over-year in September, exceeding economist estimates of 3.6% and August's 3.4% pace, according to a Bureau of Labor Statistics report. Bitcoin $BTC dropped $1,000 immediately following the inflation release to trade at $82,800, down from $83,212.45. Monthly headline CPI increased 0.6% in September, matching economist forecasts and accelerating from 0.4% in August. Core CPI, which excludes food and energy costs, rose 0.3% on the month and 2.6% year-over-year, topping forecasts of 0.2% and 2.5% respectively. Prior to the report, several Federal Reserve speakers had hinted at another 25-basis-point interest rate hike before year-end, with market pricing reflecting expectations for a pause later this month followed by a hike in early December.