Bitcoin Drops Below $74,000 as Hotter-Than-Expected US CPI Triggers Liquidations

Bitcoin traded near $73,709 after falling to an intraday low of $73,525 following a hotter-than-expected U.S. Consumer Price Index report. The U.S. Bureau of Labor Statistics reported headline CPI increased 0.4% month-over-month, beating expectations of 0.23% to 0.3%, while core CPI rose 0.3% against 0.2% forecasts. Annual figures were omitted due to data disruptions from a government shutdown. The print triggered around $200 million in leveraged crypto liquidations within five minutes and pushed market-implied odds for a Federal Reserve December rate hike above 90%, pressuring risk assets alongside a 2% decline in gold.