Bitcoin retreated from around $80,000 to the $76,000 range. Major altcoin prices are also falling across the board. Analysts said the pullback reflects rising odds of a Federal Reserve (Fed) rate hike on the back of higher U.S. inflation.
According to the crypto market tracker CoinMarketCap on the 14th, as of 8:45 a.m. that day, bitcoin was down 0.53% from 24 hours earlier at $76,824.
Over the same period, Solana fell 2.14% to $99.59, and XRP (Ripple) was down 1.77% to $1.34. BNB was also down 1.49% and is being traded at $716.28.
This is analyzed as the result of U.S. inflation outpacing market expectations. According to the Labor Department, the core consumer price index (CPI) for August, excluding the volatile food and energy categories, rose 0.3% from the previous month. The market had expected a 0.2% increase.
Accordingly, the likelihood of a Fed rate hike has risen sharply. According to foreign media, the federal funds futures market priced the probability of the Fed raising its benchmark rate at 86.5%, up 14.1 percentage points from the previous session.