Share this article
U.S. CPI Meets Estimates, Rising 0.2% in October; Bitcoin Moves Above $89K
The core CPI rate rose 0.3% last month, also in line with forecasts.
Updated Nov 13, 2024, 1:54 p.m. Published Nov 13, 2024, 1:49 p.m.
- October CPI data for the U.S. met economist estimates.
- The price of bitcoin rose above $89,000 following the numbers.
- The chances of another Fed rate cut in mid-December jumped to 69% just after the data.
U.S. inflation data for October exactly matched economist estimates, sending bitcoin back towards the $90,000 level.
The Consumer Price Index (CPI) rose 0.2% in October versus forecasts for 0.2% and a 0.2% rise in September, according to a government report on Wednesday morning.. On a year-over-year basis, the CPI was higher by 2.6%, also matching forecasts even as it rose from 2.4% in September.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Core CPI – which excludes more volatile food and energy costs – rose 0.3% in October versus estimates for 0.3% and 0.3% in August. Year-over-year core CPI was 3.3% versus an expected 3.3% and 3.3% in September.
The price of bitcoin gained following the numbers to $89,500. It remains higher by nearly 30% over the past week.
The U.S. Federal Reserve has cut the federal funds rate by 75 basis points since beginning an easing cycle in September. Easier monetary policy across nearly all Western central banks combined with the crypto-friendly Donald Trump election victory last week has provided the fuel for bitcon's run to new all-time highs.
According to CME FedWatch — which factors in short-term interest rate movements into odds on what the Fed may do at its next policy meeting — the chances for an additional 25 basis point rate cut in mid-December were just under 60% prior to this morning's data and rose to 69% just after the print.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Fidelity's Jurrien Timmer: Expect lame 2026 as four-year bitcoin cycle appears intact
The director of global macro at the asset management giant remains a secular bull on bitcoin, but isn't optimistic about the next year.
What to know:
- A number of notable market analysts of late have dismissed the idea of bitcoin's four-year cycle and the nearly certain bear market that might imply.
- Fidelity's Jurrien Timmer, however, says the action so far this time around lines up about perfectly with past four-year cycles and the current bearish action should last deep into 2026.
Top Stories
