Bitcoin dips below $73,000 as traders bet more on a December Fed rate hike
Odds of a 50-basis-point Federal Reserve rate hike in December rose from 0% to 13.6% on Nov. 10, after October CPI data beat forecasts. Bitcoin fell to an intraday low below $73,000 the same day. Traders may see rate-hike bets as a reason to be cautious on risk assets like bitcoin.
Why it matters
- Hike odds for a 50-basis-point move rose from 0% to 13.6% after the CPI release.
- Odds of a 25-basis-point December hike climbed from 84% to 86.4%, per CME FedWatch.
- Bitcoin fell to an intraday low below $73,000 on the same day.
What to watch next
Watch whether bitcoin holds the $73,000 level and how the market reacts to the next CPI release and Fed decision.
