CryptoUnited States

Hot US inflation report pushes bitcoin down and wipes out crypto longs

Consumer prices rose 0.4% in October, more than forecast, and bitcoin fell toward $73,500. About $179 million in long bets on crypto prices were closed out within an hour.

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Consumer prices rose 0.4% in October from September, the Bureau of Labor Statistics said on Tuesday. The bureau publishes the consumer price index, or CPI, which tracks what households pay for a basket of everyday goods and services. The rise was higher than forecasters had expected. Gas prices have dipped below $4.

Bitcoin reacted within minutes. It swung by more than $1,100 in the five minutes after the release, then traded in the high-$73,000s. By Tuesday morning it had slipped to about $73,500.

Bitcoin$68,940down −17.05%over 1 month
$84,082$68,94314 Oct13 Nov

Prices by CoinGecko. Past moves say nothing about future ones.

A long position is a bet that a price will rise, so it loses money when the price falls. About $179 million in crypto long positions were liquidated within one hour, meaning they were forcibly closed. In total, around $200 million in crypto bets were wiped out.

The report also shifted expectations for Federal Reserve policy. The Fed is the US central bank, and a rate hike means it raises its benchmark interest rate. Bets on a bigger hike in December rose after the data, and one Fed official has also backed a December move. Higher rates generally make borrowing more expensive for households and businesses.

Some on-chain data showed mixed moves among bitcoin holders. Santiment data showed the number of non-empty bitcoin wallets fell by about 108,700 since October 16. Over the same two weeks, wallets tracked as smart money added more than 14,200 bitcoin.

$1,000 in Bitcoin

Had you put $ into Bitcoin a month ago, it would be worth – now.

From the prices in the chart, before any fees or taxes. Not a suggestion to buy or sell.

Background

The BLS could not say where prices stood compared with October 2025, because of a record-long government shutdown.

GuideWhen is the next Fed meeting? The date and what futures price

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