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%. Both readings exceeded forecasts of 3.6% and 2.5%, respectively.On a seasonally adjusted monthly basis, headline CPI rose 0.6% after 0.4% in August. Gasoline prices rose 9.1% and accounted for more than half the monthly headline increase, while shelter costs increased 0.4%. Monthly core CPI rose 0.3%, matching August but exceeding the 0.2% forecasts.After the results, Bitcoin hit an intraday low of $81,588.88 on Oct. 14.Another increase would extend September's tighteningThe Fed had already raised its target range by a quarter percentage point to 3.75%...