Bitcoin plunges to $81,300 support as Fed hike odds hit 55% amid $100 million crypto wipeout

Bitcoin fell below $83,000 on Wednesday as hotter-than-expected US core inflation data revived expectations of further Federal Reserve interest rate hikes, triggering a fresh wave of liquidations across the cryptocurrency market.CoinGlass data showed that over $100 million in leveraged positions were liquidated in the hour after the inflation report was released. This also pushed total liquidations above $220 million over 24 hours.Screenshot of the Crypto Market Liquidation Heatmap Following US Inflation Data Release (Source: CoinGlass)The sharp increase in forced selling highlighted how quickly traders reacted to renewed inflation pressures and the prospect of tighter US monetary policy.Hot inflation revives Fed rate hike bets and rattles bond marketsAccording to the Bureau of Labor Statistics, consumer prices increased 3.7% annually in September, above the 3.6% forecast and August's 3.4% reading. Headline consumer prices rose 0.6% during the month, matching expectations, while core prices increased 0.3%, above the 0.2% consensus estimate.On an annual basis, core inflation accelerated to 2.6% from 2.4%, suggesting that underlying price pressures remain persistent even after exclud...