Crypto market today: hot CPI hits bitcoin, Qivalis wins license

Figure	Reading
Bitcoin before CPI	Above $83,000
Intraday high before CPI	$84,000
CoinDesk 80 since midnight (pre-CPI)	-0.6%
Hypercall volume since June	$640 million
myXRP.fi institutional phase	8.1 million XRP

Bitcoin was range-bound near $83,000 on Wednesday until a hotter-than-expected U.S. inflation report pushed it sharply lower, according to CoinDesk. Elsewhere, a Dutch regulator licensed a bank-backed euro token issuer, and a Hyperliquid-based exchange reported strong demand for S&P 500 options.

Key takeaways

• The September CPI print came in hot, and bitcoin fell sharply, per CoinDesk.
• The data could put multiple Federal Reserve rate hikes back in play.
• Qivalis, backed by BBVA, BNP Paribas and ING, received a Dutch e-money license under MiCA.
• Hypercall says most of its $640 million in volume since June came from S&P 500 options.

Crypto market today: CPI jolts bitcoin

Before the release, bitcoin briefly touched $84,000 and then eased back to hold above $83,000. CoinDesk reported that the CoinDesk 80 index was down 0.6% since midnight and that altcoins were lagging. Tech stocks had stalled and a chip selloff was continuing, which capped the move.

The September consumer price index then came in hot, and bitcoin dropped sharply, CoinDesk reported. The outlet said the data could bring multiple Fed rate hikes back into consideration. That is a notable shift in tone for a market that had been waiting on the print rather than bracing for tightening.

Analysts quoted in CoinDesk’s pre-release day-ahead note had been weighing how U.S. inflation would feed through to bitcoin. Higher-than-expected inflation has typically been read as a headwind for risk assets, since it raises the odds of tighter policy. The immediate reaction fits that pattern.

Traders will now watch how futures markets reprice Fed expectations and whether equities, especially the chip sector, stabilize. Altcoins, already underperforming before the data, are the segment most exposed if risk appetite weakens further.

Dutch regulator licenses Qivalis

The Dutch central bank granted Qivalis an electronic money institution license, according to CoinDesk. The authorization lets the firm offer a MiCA-compliant euro token and onchain euro settlement infrastructure.

Qivalis is backed by three large European banks: BBVA, BNP Paribas and ING. The approval is a step toward regulated, bank-linked euro stablecoin rails inside the European Union’s crypto framework. Banks, payment firms and crypto platforms that need euro settlement onchain are the likeliest users. What to watch is when the token launches and which venues list it.

Hypercall leans on S&P 500 options

Hypercall, an exchange built on Hyperliquid, says most of its $640 million in volume since June has come from S&P 500 options, CoinDesk reported. The figure suggests that demand for onchain derivatives is not limited to crypto-native assets. Traditional index exposure is drawing traders to a decentralized venue. The volume is self-reported by the exchange.

Smaller items: XRP access and Kazakhstan

According to Investing.com, myXRP.fi has opened public access after an institutional phase involving 8.1 million XRP. No further terms were detailed in the report.

Separately, Investing.com reported that Bybit Kazakhstan signed a memorandum of cooperation with the Astana International Financial Centre (AIFC). Under it, digital asset investments on Bybit KZ are now recognised under the AIFC’s ITRP.

What to watch

Follow-through in bitcoin after the CPI shock, any shift in Fed rate expectations, and the performance of the chip sector, which has weighed on risk sentiment. On the regulatory side, watch for Qivalis’ launch timeline.