Key facts
- Bitcoin was trading near $69,800, down more than 3% on the day, according to TradingView data.
- October headline PPI rose 0.3% month on month against expectations of 0.4%, the Bureau of Labor Statistics said.
- Polymarket showed a 92% chance of a 25 basis point Fed hike at the December FOMC meeting.
- MSCI decided to remove bitcoin treasury firm Strategy from its global indexes, the report said.
Bitcoin rebounded to as high as $70,000 on November 13, 2026, from a low of about $69,000, after US producer price data for October came in below expectations. The token was trading near $69,800 at the time of the report, still down more than 3% on the day, according to TradingView data.
The US Bureau of Labor Statistics said the headline producer price index rose 0.3% month on month and 6.5% year on year in October, both below expectations. Core producer prices rose 0.3% month on month and 5.0% year on year, in line with expectations.
Crypto traders pared bets on a 50 basis point Fed rate hike in December after the release. Polymarket showed a 6% implied chance of a 50 basis point hike next month, down from as high as 10%, while pricing a 92% chance of a 25 basis point increase at the December FOMC meeting.
The report said the PPI release followed October CPI data earlier in the week that came in above expectations, raising forecasts of a potential 50 basis point December hike. It also cited a decline in the stock market, particularly AI stocks, and MSCI's decision to remove bitcoin treasury firm Strategy from its global indexes as other factors weighing on crypto.