The Bureau of Labor Statistics (BLS) published its long-awaited Consumer Price Index (CPI) report on Thursday, revealing cooler-than-expected inflation data. Stocks rose on the news, and so did bitcoin, albeit temporarily. The cryptocurrency swung up to $89K before nosediving to $85K, reinforcing an unpredictable pattern that has once again left pundits somewhat vexed.
“We need to know what happened on October 10,” crypto trader Elliot Wainman wrote. “It’s VERY apparent that the market broke that day and nothing has been the same since.”
Headline inflation for November came in at 2.7%, lower than the 3.1% predicted by economists. The last reading from September showed a 3% CPI. October’s data was never collected due to the 43-day government shutdown. The closure also caused November’s report to be published eight days behind schedule. Core inflation, which subtracts food and energy categories due to their volatile nature, rose 2.6%, also lower than predicted.
( Inflation came in at 2.7% for November, lower than the 3.1% figure predicted by economists. / Bureau of Labor Statistics)
The U.S. Federal Reserve, which has been having a tough time fulfilling its dual mandate of maintaining stable prices and full employment, may take a more dovish stance in 2026 if inflation continues to cool. Fed Chairman Jerome Powell has been caught between a rock and a hard place as both inflation and unemployment have trended upward over the past few months, today’s report notwithstanding.
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But odds of a January cut remain relatively low, according to the CME Fedwatch Tool, although most experts seem to agree that a March reduction is highly likely. The S&P 500, Nasdaq, and Dow all surged 0.85%, 1.44%, and 0.23% respectively, but bitcoin was treading water, dipping 0.37% at the time of reporting.
“We haven’t seen Bitcoin or Alts trade like this since 2018,” Wainman said. “We need answers.”
Bitcoin was trading at $85,472.12, down 0.37% for the day and 6.02% for the week, according to Coinmarketcap data at the time of writing. The digital asset’s price fluctuated between $85,242.71 and $89,412.66 over the past 24 hours.
( BTC price / Trading View)
Daily trading volume climbed 14.61% to $48.62 billion and market capitalization remained flat at $1.71 trillion. Bitcoin dominance rose by 0.08% to 59.80%, as several high-profile alts shed more than 8%.
( BTC dominance / Trading View)
Total bitcoin futures open interest dropped 1.20% to $56.35 billion, according to Coinglass. Liquidations remained elevated on Thursday, totaling $176.22 million. Long investors lost $112.28 million, twice as much as short sellers, who saw $63.94 million in liquidations.
- Why didn’t bitcoin rally after the CPI report?
Bitcoin briefly jumped on cooler inflation data but quickly reversed, suggesting lingering market dislocation since October. - What did the latest CPI report show?
Headline inflation cooled to 2.7% in November, below forecasts, while core CPI also came in lower than expected. - How are stocks reacting compared to bitcoin?
S. equities surged on the inflation news, while bitcoin lagged and slipped back toward $85K. - What are traders blaming for bitcoin’s weakness?
Some point to structural market damage from the October 10 liquidation event rather than current macro data.
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