Bitcoin fell to around $74,000 after a senior U.S. Federal Reserve official said he supports a rate hike.

On Nov. 10, local time, blockchain outlet Cointelegraph reported that Fed Governor Christopher Waller said he supports raising the policy rate by 0.25 percentage point at the December Federal Open Market Committee meeting. Bitcoin and U.S. stock index futures later weakened together.

In a speech at the Bank of England Watchers Conference in London, Waller said he would support a rate hike even if October inflation slows. "I hope it improves from September, but even so I would support raising the policy rate by 25 bp at the December meeting," he said.

He also voiced concern about the personal consumption expenditures price index, the Fed's inflation gauge. "There was absolutely nothing positive to see in September inflation data," he said. The September PCE price index rose 0.5 percent from the previous month and 3.7 percent from a year earlier.

Market expectations for rates also shifted quickly after the remarks. CME Group FedWatch showed the probability of a 25 bp hike at the December FOMC meeting rose to 96.3 percent from 76.3 percent. Monetary tightening reduces liquidity and raises financing costs, weighing on risk assets such as cryptocurrencies and stocks.

The U.S. October consumer price index released on the day was 337.51, up about 0.17 percent from 336.94 in the previous month. The increase on an index basis slowed from about 0.59 percent in September.

Christopher Hodge (크리스토퍼 호지), an economist at Natixis CIB Americas, expected before the release that declines in fuel and housing costs would cool inflation. CNBC reported he said adjustments in owners' equivalent rent and lodging prices would lead a slowdown in core CPI, and that stable diesel prices would ease price pressure on energy-intensive goods.

Inflation slowed, but Waller's support for a rate hike is expected to keep concerns about tightening in place. Markets are watching how the inflation data will affect the Fed's December rate decision.