Bitcoin Price Plunges as September CPI Comes Out Higher Than Expected

Bitcoin's price dropped after September's Consumer Price Index came in higher than expected, with core CPI also exceeding forecasts. The hotter inflation data raises the likelihood of further aggressive interest rate hikes by the Federal Reserve, which typically pressures risk assets like cryptocurrencies. Traders are reacting to the prospect of tighter monetary policy, which could continue to weigh on Bitcoin and the broader crypto market in the near term.