The bitcoin price today slipped about 2% on Tuesday, November 10, after hotter-than-expected US consumer price data for October added pressure to cryptocurrencies.
What happened to Bitcoin price today?
Bitcoin last traded at $73,612 at 14:27 GMT, down 2.1% from Monday’s close of $75,223.
The market was already weaker before the data was released.
Bitcoin was near $74,264 at 13:25 GMT, about 1.3% below Monday’s close, and dropped to a session low of $73,494 in the five minutes after the data.
Ether, XRP and Solana fell further.
Ether was at $2,060, down 3.4% from Monday after touching $2,040. XRP was at $1.057, down 3.6%, and Solana at $83.53, down 3.5%.
Why is Bitcoin falling?
Bitcoin price fell after the US inflation data came in higher than expected.
The US consumer price index rose a seasonally adjusted 0.4% in October, against a Dow Jones consensus of 0.3%, the Bureau of Labor Statistics said.
Core CPI rose 0.3% against forecasts of 0.2%. The BLS did not publish an annual rate because last year’s government shutdown stopped it from collecting October 2025 data.
The print fits a risk-off reaction, as firmer rate-hike bets typically weigh on bitcoin.
Treasury yields and the dollar jumped. The 10-year yield rose to 4.956% at 14:12 GMT, up from Monday’s 4.864%. The 2-year yield had jumped more than 15 basis points to 4.698% shortly after the release.
The US dollar index was up 0.4% near 102.01.
Fed Governor Christopher Waller, in a speech earlier today, said he was leaning toward a 25 basis point hike in December.
But if core CPI came in “around 0.3 percent or even higher,” he said, “a 50 basis point hike in the policy rate should be considered.”
Institutional flows were already a headwind.
US spot bitcoin ETFs recorded $201 million of net outflows on Monday, the third straight session of withdrawals, Farside Investors data showed.
BlackRock’s iShares Bitcoin Trust led the redemptions. Outflows over the past seven sessions total about $2.13 billion.
What happens next?
Traders fully priced in a quarter-point increase at the Fed’s December 8-9 meeting and put the odds of a half-point move at 14.7%, according to CME Group’s FedWatch.
The Fed held its target range at 3.75%-4.00% in October.
Producer price data is due on Friday. US bond markets are closed on Wednesday for Veterans Day, which could thin liquidity.
Bitcoin has so far held above $73,000 after the print.
Should you buy Bitcoin now?
Today’s drop continues recent weakness rather than standing as a CPI-only crash, with ETF outflows and hike bets already weighing on prices before the data.
Investors weighing exposure can read our guide on how to buy Bitcoin.
AI disclosure: AI tools assisted with research and drafting of this piece. An Invezz editor reviewed the facts, sources and wording before publication. Any opinions or analysis are Invezz’s, not those of an automated system.
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