Bitcoin Falls on Hot Inflation Print -- Update

The US government moved 17,795 BTC (worth ~$1.5B) across three days, with 12,267 BTC sent to an unlabeled wallet and 9,261 BTC to Coinbase Prime. The transfers are linked to the 2016 Bitfinex hack seizure, but the government has not explained the moves. Bitcoin's market reaction was minimal.

Bitcoin fell 1.5% to $82,142 on Wednesday after U.S. inflation data exceeded expectations, with CPI rising 0.6% monthly and 3.7% annually. This increased the likelihood of a Fed rate hike to 44-49% for the October meeting. Higher yields and a stronger dollar negatively impacted crypto and equities, with $281 million in crypto derivatives liquidated. Bitcoin's technical indicators suggest a mixed outlook, with key support and resistance levels identified.

Bitcoin (BTC), Ethereum (ETH), and XRP each fell 1% after a higher-than-expected September CPI inflation print of 3.7%. BTC dropped from $83,800 to $82,800, XRP from $1.38 to $1.34, and ETH to $2,430. Matt Hougan of Bitwise noted the reaction was less severe than expected, while U.S. bond yields spiked to 5.15%.

Bitcoin prices dropped following the release of September CPI data, which showed a higher-than-expected 3.7% year-over-year increase. The Philippine central bank has restricted transfers to Coins.ph's wallet service, impacting peso cash-ins. French lawmakers proposed taxing stablecoin swaps under MiCA regulations starting in 2027. Qivalis, backed by European banks, plans to issue a MiCA-compliant euro stablecoin.

U.S. CPI data showed higher-than-expected inflation, leading to a 0.48% drop in cryptocurrency market cap. Bitcoin (BTC) fell 0.45% to $82,872.52, while Ethereum (ETH) dropped 1.3% to $2,475.00. Fed rate hike expectations increased, with a 45.9% chance of a 0.25% hike in October and 49% for a 0.50% hike in December.

Bitcoin fell from $83,841 to $82,665 after US inflation data showed a 0.6% monthly increase, with annual inflation rising to 3.7%. The Fed may raise rates again, with odds at 22% for the October meeting. Gasoline prices surged 7.1%, driving the inflation rise.