Daily Summary for Bitcoin and Ethereum Higher-than-expected U.S. October inflation data increased selling pressure in the crypto market. The Consumer Price Index (CPI) rose 0.4% month-over-month, surpassing the market expectation of 0.3%, while core CPI also increased by 0.3%. The hotter-than-expected inflation data weakened expectations for Fed rate cuts, contributing to Bitcoin’s decline. Following the data release, BTC dropped to $73,800. The leading cryptocurrency lost 1.07% over the past 24 hours, after reaching a daily high of $75,317. Ethereum also faced selling pressure in line with Bitcoin’s decline. ETH fell to $2,071, losing 2.22% over the past 24 hours. After reaching a daily high of $2,131, Ethereum gave back its gains amid increased selling pressure following the inflation data. #bitcoin #ethereum #crypto
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