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Bitcoin drops amid rising U.S. inflation
Bitcoin experienced a decline of 2.4%, falling to approximately $81,291, after US inflation data came in higher than expected. This increased expectations that the Federal Reserve would raise interest rates before the end of the year. The move followed the September Consumer Price Index (CPI) report, which confirmed that inflation and energy costs remain high. As a result, investors lowered their future earnings expectations for technology stocks and shifted towards risk aversion, negatively impacting cryptocurrencies and global stock markets.
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