Bitcoin Magazine Bitcoin Briefly Slides Below $80,000 On More Hot Inflation Data
Bitcoin’s price momentarily dipped below $80,000 on Thursday following more hotter-than-expected U.S. inflation data.
The price of the biggest cryptocurrency recently stood at $81,028 after dropping as low as $79,805 on Thursday morning in New York.
Over a 24-hour period, it’s only down over 1% after making a recovery. But over the past week, it’s shed nearly 3% of its value.
Data Thursday from the Labor Department’s Bureau of Labor Statistics showed U.S. producer prices rose in September at the fastest pace in more than four years.
The numbers came one day after September’s Consumer Price Index came out higher than expected.
Bitcoin has news that high prices won’t go away in the world’s largest economy — leading traders to bet that the Federal Reserve may keep interest rates higher for longer.
The Federal Reserve will make a decision on what to do with interest rates at the end of this month.
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