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<p>Bitcoin’s price dropped by 3% in the last 24 hours, reaching a three-week low of $58,900 after unexpected U.S. inflation data. This sparked concerns that the Federal Reserve might pause interest rate cuts. However, Bitcoin began to recover, gaining 2.84% and trading at $60,602.</p> 
<p>The price decline triggered liquidations worth $196 million, affecting nearly 57,000 traders, according to <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noreferrer noopener nofollow">Coinglass</a>. Bitcoin’s long positions accounted for $67.18 million of those liquidations, while Ethereum traders lost $40.70 million.</p> 
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  <img loading="lazy" decoding="async" width="1024" height="448" src="https://www.cryptotimes.io/wp-content/uploads/2024/10/Bitcoin-Price-Drops-3.5-to-58900-Following-CPI-Report.jpg" alt="Bitcoin Price Drops 3.5% to $58,900 Following CPI Report" class="wp-image-206669" style="width: 100%;height:auto">
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   Bitcoin Price Chart | Source: <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noreferrer noopener nofollow">CoinMarketCap</a>
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<p>This Bitcoin sell-off reflects investor fears of an economic slowdown. September’s Consumer Price Index (CPI) rose by 0.2%, raising concerns about stagflation, where prices rise despite a stagnant economy. Jobless claims also hit a 14-month high, with 258,000 people filing for unemployment benefits by October 5, <a href="https://www.cnbc.com/2024/10/10/cpi-inflation-september-2024.html" target="_blank" rel="noreferrer noopener nofollow">according to CNBC</a>.</p> 
<p>Adding to the market’s bearish tone, Bitcoin ETFs saw two consecutive days of net outflows totaling $59 million, further dampening trader sentiment. Meanwhile, the U.S. SEC’s lawsuit against Cumberland DRW for allegedly acting as an unregistered dealer in cryptocurrency transactions heightened regulatory uncertainty.</p> 
<p>Despite the bearish sentiment, there was a positive note as Metaplanet Inc. increased its Bitcoin holdings by purchasing nearly 109 BTC, valued at 1 billion yen. This brings its total Bitcoin assets to 748.502 BTC.</p> 
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  <img loading="lazy" decoding="async" width="524" height="498" src="https://www.cryptotimes.io/wp-content/uploads/2024/10/Bitcoin-Price-Declines-3.5-to-58900-After-CPI-Release.jpg" alt="Bitcoin Price Declines 3.5% to $58,900 After CPI Release" class="wp-image-206670">
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   Source:&nbsp;<a href="https://x.com/Metaplanet_JP/status/1844530302800232648" target="_blank" rel="noreferrer noopener nofollow">X</a>
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<p>Traders have responded cautiously, with Bitcoin futures and options markets signaling reduced confidence. The futures premium dropped below the 3% neutral threshold, a worrying sign of bearish momentum that could lead to further downside pressure.</p> 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 <p>Also Read: <a href="https://www.cryptotimes.io/2024/10/08/u-s-government-to-auction-4-4b-in-bitcoin-from-silk-road/" target="_blank" rel="noreferrer noopener">U.S. Government To Auction $4.4B In Bitcoin From Silk Road!</a></p> 
</blockquote>

Bitcoin Price Drops 3% to $58,900 Low After CPI Data Release

The Crypto Times

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