Bitcoin’s price momentarily dipped below $80,000 on Thursday following hotter-than-expected U.S. inflation data. The biggest cryptocurrency recently stood at $81,028 after dropping as low as $79,805 in New York Thursday morning. Over a 24-hour period, it is only down just over 1%, but over the past week, it has shed nearly 3% of its value. The Labor Department reported that U.S. producer prices rose in September at the fastest pace in more than four years, one day after September’s Consumer Price Index also came out higher than expected. Traders are betting the Federal Reserve will keep interest rates higher for longer, with a decision expected at the end of October. Bitcoin is currently nearly 36% below the record of $126,080 it touched last October.
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