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Bitcoin fell to $72,934 on Coinbase and Kraken: there prices went below $73,000 for the first time in ten weeks. The trigger was the US consumer price report for October - it came in above forecast, and the market increased its bet on a Fed rate hike in December.
US October prices rose faster than expected, and the market almost unanimously bet on a Fed rate hike on December 9. The euro lost 0.28% over the day and is trading around 1.1190.
On Tuesday, gold gave back almost all of the previous day's gains - traders took profits, and a Fed official's comments about a possible rate hike in December added pressure.
After a speech by Christopher Waller, a member of the Fed Board of Governors, bets on a December hike jumped from 76.3% to 96.3% within a few hours. Bitcoin fell 1.3% to $74,080, while gold and stocks moved down along with it.
Fed Governor Christopher Waller said on Tuesday, November 10, during the European session: if US core inflation for October comes in around 0.3% month-over-month or higher, December will require a rate hike of a full half percentage point. The October CPI report itself is released the same day.
Fed Board of Governors member Christopher Waller said that inflation in the US remains too high and further rate hikes are still necessary. At the same time, new steps may come with pauses, rather than at every consecutive meeting.
