Bitcoin Magazine Bitcoin Slips Below $83,000 After Hotter-Than-Expected US Inflation Data
The price of bitcoin slid Wednesday after data dropped showing that U.S. consumer prices shot up more than expected in September due to rising gasoline prices.
The biggest cryptocurrency by market cap was recently trading for close to $82,827 after dropping nearly 1% over a 24-hour period. At one point on Wednesday morning in New York, bitcoin fell as low as nearly $82,331.
Over the past seven days, the coin has dropped by more than 1%. Bitcoin’s price had its best quarter in years after rallying in August and September and leading many analysts to declare it to have exited a bear market.
But sticky inflation is still weighing — in the short-term — on the cryptocurrency.
Data Wednesday showed that the Consumer Price Index rose 0.6% in September after climbing 0.4% in August.
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