Bitcoin Rebounds to $82,000 Level as Market Grapples with U.S. Inflation Concerns
After initially dipping on higher-than-anticipated U.S. inflation data, Bitcoin has climbed back to the 82,000 USD range. However, market uncertainty persists as outflows continue from U.S. Bitcoin spot exchange-traded funds (ETFs).
As of 9:15 a.m. (KST) on Friday, Bitcoin was trading at 111.15 million KRW (about 83,490 USD) on Bithumb, a major South Korean cryptocurrency exchange, up 0.42% from the same time yesterday.
Concurrently, global crypto tracking site CoinMarketCap reported Bitcoin at 82,250 USD, a 0.65% increase from 24 hours prior.
Bitcoin briefly slipped below 80,000 USD following the release of unexpectedly high U.S. Producer Price Index (PPI) figures. It has since pared losses, reclaiming the 82,000 USD mark.
On Thursday, the U.S. Labor Department reported that September’s PPI surged 1.3% month-over-month, significantly outpacing the projected 0.5% increase. This marks the steepest rise since March 2022. The year-over-year increase of 6.3% underscores persistent inflationary pressures.
Rising inflation could prompt the Federal Reserve to consider interest rate hikes, potentially dampening enthusiasm for cryptocurrencies. Higher rates typically reduce appetite for riskier assets like Bitcoin.
Adding to market concerns, U.S. Bitcoin spot ETFs experienced notable outflows. Crypto data firm Sosovalue reported approximately 261.46 million USD in net outflows on Wednesday, a sharp reversal from the previous day’s 175.62 million USD inflow.
The upcoming Federal Open Market Committee (FOMC) meeting on October 27 and 28 looms as a key market driver. Given recent spikes in both Consumer Price Index (CPI) and PPI, the Fed’s interest rate decisions are expected to significantly impact Bitcoin prices.
OCC Poised to Unveil Final GENIUS Act Rules by Month’s End
The Office of the Comptroller of the Currency (OCC) is expected to release final implementation rules for the GENIUS Act, a stablecoin regulation bill, before October concludes.
On Thursday, Eleanor Terrett, host of Crypto in America, reported that OCC Comptroller Jonathan Gould anticipates the imminent announcement of final GENIUS Act guidelines.
Gould shared this update during the Milken Institute’s Building the New Digital Economy event, part of DC Fintech Week. The GENIUS Act aims to establish a comprehensive regulatory framework for stablecoins in the United States.
Former Trump Crypto Advisor Embroiled in Controversy Over Tether-Linked Holdings During GENIUS Act Push
Bo Hines, who previously served as a cryptocurrency advisor to President Donald Trump, reportedly held stakes in a Tether-affiliated company while advocating for the GENIUS Act.
Foreign media reported on Thursday that Hines urged Congress to pass the GENIUS Act while owning roughly one-third of Nxum, an investment firm that reportedly received 6.3 million USD through a Tether contract. The initial payment allegedly occurred during Hines’s White House tenure.
Hines reportedly shared GENIUS Act legislative updates with Nxum representatives via Signal while in office. He later joined Tether as a strategic advisor in August 2025 before becoming Chief Executive Officer (CEO) of Tether’s U.S. entity the following month.
Russia Set to Ban P2P Crypto Transactions Starting July 2027
Russia plans to prohibit direct peer-to-peer cryptocurrency transactions, mandating that all trades occur through approved intermediaries beginning next July.
Foreign news outlets reported on Thursday that the Bank of Russia announced plans to permit direct cryptocurrency transactions between individuals only until July 1, 2027. The central bank also stated it would ban transfers of digital assets from digital accounts to self-custody wallets.
This move comes as part of Russia’s broader efforts to tighten oversight of the cryptocurrency market. Since September, Russia has implemented regulations bringing exchange operators and custodians under central bank supervision, while maintaining its ban on using cryptocurrencies for goods and services payments.