Ethereum falls below $2,200 as ETF outflows and $6 billion Binance hack weigh on market

Ethereum declined below $2,200 on Friday, sliding nearly 3% as investors digested persistently high US inflation data and renewed concerns over potential interest rate hikes from the Federal Reserve. September’s Personal Consumption Expenditures Price Index, which the Federal Reserve closely monitors, rose 0.5% month-over-month and 3.6% compared to the previous year. Core PCE, a measure that excludes the volatile food and energy segments, increased 0.3% on the month and 3.1% year-over-year, aligning with analysts’ expectations. Market participants responded to the report by increasing bets that the Federal Reserve could implement another rate hike before the year ends.