Crypto markets experienced a significant pullback, with Bitcoin falling 4% over 24 hours and Ethereum losing about 6.5%, as hotter-than-expected U.S. inflation data put pressure on risk assets. September’s Consumer Price Index rose 0.6% monthly and 3.7% year over year, fueling concerns that the Federal Reserve might hike rates at its October 27-28 meeting, with rate hike probability briefly jumping to 31.6%. Equity markets also weakened, with the S&P 500 down 1.1% and the Nasdaq losing 1.9%, while Asian markets like the KOSPI plunged 8%. The 10-year Treasury yield fell 7.8 basis points to 5.110% as investors sought government bonds during the equity rout, suggesting a flight to safety despite inflation concerns.
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