Surging dollar forces Bitcoin sell-off as rate hike odds double

Bitcoin faces a tougher interest-rate outlook after US inflation data released Oct. 14 pushed bets on another Federal Reserve hike sharply higher. Rising Treasury yields could weigh on Bitcoin by making interest-bearing dollar assets more attractive. Market-data provider LSEG data shows money markets priced in roughly a 47% chance of another October rate increase after the release, up from closer to 20% beforehand. September consumer prices were 3.7% higher than a year earlier, up from 3.4% in August, according to the Bureau of Labor Statistics release . Annual core inflation, which excludes food and energy, increased to 2.6% from 2.4%.