Bitcoin has recovered to the $82,000 range after a higher-than-expected inflation report in the U.S. The easing of concerns over additional interest rate hikes has led to a slight increase in major altcoins, although inflationary pressures remain, keeping market caution intact.
According to CoinMarketCap, Bitcoin was trading at $82,356.20, up 0.98% from the previous day as of 8 a.m. on October 16.
Major altcoins also showed an upward trend. Ethereum rose 1.51% to $2,452.88, while Ripple (XRP) increased by 0.48% to $1.33.
Bitcoin briefly fell below $80,000 after the U.S. Consumer Price Index (CPI) for September rose 3.7% year-over-year, exceeding market expectations. The Producer Price Index (PPI) also increased by 1.3% from the previous month, marking the highest growth rate since 2022, which heightened concerns about further tightening by the Federal Reserve.
However, as Federal Reserve officials displayed a cautious stance on interest rate hikes, the market managed to recover some losses. According to Reuters on October 15, the likelihood of a rate freeze this month has risen to 73%. U.S. Treasury yields fell, and the dollar index decreased by 0.45% to 101.99, easing some pressure on risk assets. Nevertheless, with rising oil prices from the Middle East and ongoing inflation concerns in the U.S., uncertainty surrounding monetary policy is expected to persist until the Federal Open Market Committee (FOMC) meeting on October 28.
At the same time, Bitcoin was trading at 111.19 million won on Upbit, a domestic cryptocurrency exchange, up 0.46% from the previous day. The Kimchi premium, which indicates the extent to which domestic prices are higher than overseas, was recorded at 0.54%.
* This article has been translated by AI.
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