Bitcoin briefly dips below $80,000 following hotter-than-expected U.S. inflation data

Bitcoin's price momentarily dropped to $79,805 on Thursday, falling below $80,000, after the U.S. Labor Department’s Bureau of Labor Statistics reported faster-than-expected producer price increases in September. This follows higher-than-expected September Consumer Price Index data, leading traders to anticipate the Federal Reserve may maintain higher interest rates longer. Although it shed nearly 3% over the past week, Bitcoin recovered, standing at $81,028 recently, and is currently nearly 36% below its October record of $126,080.