US September inflation reached 3.7% and annual core CPI hit 2.6%, both exceeding forecasts of 3.6% and 2.5% respectively. The odds of another Federal Reserve rate hike in October surged from 20% to approximately 47% following the data release. Bitcoin dropped to an intraday low of $81,588.88 on October 14, pressured by dollar strength and rising Treasury yields. The two-year Treasury yield climbed to 4.872%, up seven basis points on the day. This environment could weigh on Bitcoin by making interest-bearing dollar assets more attractive compared to a cryptocurrency that pays no interest.
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