Bitcoin slides as services inflation complicates rate-cut relief

CryptoSlate reported that October’s services prices index eased to 73, providing a modest monthly improvement. That softer reading did not end the broader inflation concern: the index’s 12-month average climbed to 69.2, the highest level recorded since April 2023.

The combination points to easing month-to-month pressure alongside a persistently elevated annual trend. For crypto traders, that mixed inflation picture can limit the perceived relief associated with rate-cut expectations, leaving Bitcoin exposed to shifts in macro sentiment as traders reassess the policy outlook.

CryptoSlate was the only outlet cited in the supplied coverage, so there is no cross-source figure to compare with. Its account focused on the divergence between the monthly index reading and the higher 12-month average, rather than identifying a specific Federal Reserve action or quantifying the inflation data’s direct effect on cryptocurrency prices.

Bitcoin traded at $75,604, down 6.23% over 24 hours and 3.58% over seven days, while its market capitalization was $1.52 trillion. The total crypto market capitalization stood at $2.61 trillion, and the broader market was broadly lower. The Fear & Greed Index registered 28, placing sentiment in the “Fear” category. What to watch next is whether the services-price index’s elevated annual average continues to change expectations surrounding rate cuts and, in turn, risk appetite across crypto markets.