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Hotter-than-expected <a href="https://www.thestreet.com/crypto/tag/inflation-data" rel="noopener noreferrer nofollow">U.S. inflation data</a> rattled risk assets on Wednesday, and crypto was among the first markets to feel it.
The <a href="https://www.thestreet.com/crypto/tag/cpi-data" rel="noopener noreferrer nofollow">Consumer Price Index (CPI)</a>, a government gauge of what Americans pay for everyday goods and services, rose 0.6% in September, according to <a href="https://www.bls.gov/news.release/pdf/cpi.pdf" rel="noopener noreferrer nofollow">the Bureau of Labor Statistics</a>. That matched forecasts.&nbsp;
But annual inflation climbed to 3.7% from 3.4% in August, above the 3.6% economists expected.
Core CPI strips out volatile food and energy prices. It rose 0.3% on the month, against a 0.2% forecast. On an annual basis, it reached 2.6%, up from 2.4% in August.
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 Cornell Bitcoin survey (1:44)
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<a href="https://www.thestreet.com/crypto/markets/bank-of-america-vows-to-fix-compliance-after-1-21b-fine" rel="noopener noreferrer nofollow">Related: Bank of America vows to fix compliance after $1.21B fine</a>
<h2 id="rate-hike-fears-return">Rate-hike fears return</h2>
The data complicates the Federal Reserve’s path. Before the release, Fed officials had signaled at least one more <a href="https://www.cnbc.com/video/2026/10/12/expect-25-bps-hike-by-the-fed-expect-real-yields-to-remain-elevated.html" rel="noopener noreferrer nofollow">25-basis-point hike before year-end</a>, though forecasters were split on whether it would land in October or December.
The hot print could put an October hike back on the table.
Higher rates tend to weigh on speculative assets like crypto because safer investments such as bonds start paying more.&nbsp;
<h3 id="popular-on-thestreet-roundtable">Popular on TheStreet Roundtable:</h3>
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 <li><a href="https://www.thestreet.com/crypto/innovation/morgan-stanleys-new-lab-to-test-wall-streets-future" rel="noopener noreferrer nofollow">Morgan Stanley's new lab to test Wall Street's future</a></li>
 <li><a href="https://www.thestreet.com/crypto/markets/imf-ranks-ondo-among-largest-tokenized-asset-issuers" rel="noopener noreferrer nofollow">IMF ranks Ondo among largest tokenized asset issuers</a></li>
 <li><a href="https://www.thestreet.com/crypto/markets/jpmorgan-says-one-asset-class-could-soon-beat-gold" rel="noopener noreferrer nofollow">JPMorgan says one asset class could soon beat gold</a></li>
</ul>
<h2 id="bitcoin-slips-back-from-83-000">Bitcoin slips back from $83,000</h2>
Bitcoin was trading around $83,800 before the data release. It dropped sharply below $82,000-mark, currently trading at $81,728 at the time of writing.
<figure><a href="https://app.decibel.trade/trade/BTC-USD" rel="noopener noreferrer nofollow"><img src="https://www.thestreet.com/.image/c_fit%2Ch_675%2Cw_1200/MjI2OTA5NjMzOTU1MTEyODQ2/screenshot-2026-10-14-at-81411pm.png" height="675" width="887"></a>
 <figcaption>Bitcoin price movement. Source: <a href="https://app.decibel.trade/trade/BTC-USD" rel="noopener noreferrer nofollow">Decibel</a>
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Bitcoin has been trading below the $86,000 mark. It last crossed that level <a href="https://www.thestreet.com/crypto/markets/bitcoin-hits-8-month-high-amid-millions-in-short-liquidations" rel="noopener noreferrer nofollow">on September 21</a>, reaching an eight-month high.&nbsp;
Ether, the native token of the <a href="https://www.thestreet.com/crypto/tag/ethereum" rel="noopener noreferrer nofollow">Ethereum</a> blockchain, fell as low as $2,455 and is now trading around $2,470.&nbsp;
XRP, a <a href="https://www.thestreet.com/crypto/investing/cryptocurrency" rel="noopener noreferrer nofollow">cryptocurrency</a> used by payments firm <a href="https://www.thestreet.com/crypto/tag/ripple" rel="noopener noreferrer nofollow">Ripple</a> to speed up cross-border transfers, dropped to $1.3488 from $1.3779 before recovering to $1.3592.
The selling spread beyond digital tokens. Stock futures pointed lower after the data. <a href="https://www.thestreet.com/crypto/tag/nasdaq" rel="noopener noreferrer nofollow">Nasdaq</a> 100 futures fell 0.65%, and S&amp;P 500 futures were down 0.3%. Even gold lost ground, dropping 1.5% to $4,116 an ounce.
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 Circle stock was trading at $80.89 at press time. Source: Yahoo Finance
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Crypto-linked stocks took some of the sharper hits. Their fortunes often move with digital asset prices and trading activity, so they tend to swing when crypto does.
Shares of <a href="https://www.thestreet.com/crypto/tag/robinhood" rel="noopener noreferrer nofollow">Robinhood Markets (HOOD)</a>, the retail trading app where users buy stocks and crypto, are down 3.27% at $106.90.
<a href="https://www.thestreet.com/crypto/tag/strategy" rel="noopener noreferrer nofollow">Strategy Inc. (MSTR)</a>, a company that holds <a href="https://www.thestreet.com/crypto/bitcoin" rel="noopener noreferrer nofollow">Bitcoin</a> on its balance sheet, is down 2.60% at $148.23. Investors often treat its stock as an indirect bet on the cryptocurrency’s price.
<a href="https://www.thestreet.com/crypto/tag/circle" rel="noopener noreferrer nofollow">Circle Internet Group (CRCL) </a>fell the most of the three, down 4.02% at around $80.89. Circle issues USDC, a stablecoin. <a href="https://www.thestreet.com/crypto/stablecoins" rel="noopener noreferrer nofollow">Stablecoins</a> are digital tokens designed to hold a steady value, usually pegged to the U.S. dollar.
<a href="https://www.thestreet.com/crypto/markets/morgan-stanley-makes-major-10-trillion-prediction" rel="noopener noreferrer nofollow">Related: Morgan Stanley makes major $10 trillion prediction</a>

Bitcoin drops below $82,000 after U.S. inflation hits 3.7%

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