Bitcoin Remains Weaker on U.S. Rate-Hike Prospects — Market Talk
Bitcoin remains under pressure after hitting a near one-month low overnight as Wednesday's higher-than-expected U.S. inflation data and growing expectations of further U.S. interest-rate rises weigh on cryptocurrencies, XS.com's Simon-Peter Massabni says in a note. Both headline and core inflation rose more than expected in September, boosting the probability of the Federal Reserve raising interest rates in October. "For cryptocurrencies, higher rates can reduce investors' willingness to take risks and increase the relative appeal of yield-bearing instruments," he says. Bitcoin falls 1.2% to $80,743 after reaching as low as $80,247 overnight, LSEG data show. ([email protected])