As investors prepare for the latest Consumer Price Index (CPI) report, a barometer for measuring inflation, before the Federal Reserve’s November decision on another interest rate hike, the price of Bitcoin plunged.

The leading cryptocurrency is trading around $18,718 by press time, or down 2.7% in the past 24 hours, per CoinGecko.

Bitcoin last traded at these levels on September 22 before seeing an upwards move that took it above $20,400 last week.

Today’s bearish price action also puts the industry’s largest cryptocurrency down 16.5% in the last 30 days and as much as 66% from its historical all-time highs of almost $69,000 recorded in November 2021.

Despite the drop, the leading cryptocurrency by market capitalization is still the least affected cryptocurrency among the rest of the major coins today.

Ethereum, the second-largest cryptocurrency by market capitalization, has posted losses of 4.6% over the past 24 hours, trading at $1,240.

Cardano (ADA) fell 9.5% over the span, followed by Solana (SOL) and XRP, which are down 7.8% and 7.2%, respectively.

The U.S. consumer price index will be released Thursday at 8:30 a.m. ET, and while analysts expect it’ll show some progress in the Fed’s fight against inflation, it's unlikely to be enough to stop the central bank from another interest rate increase next month.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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