Bitcoin dips below $80,000 following significant US PPI inflation data release

Bitcoin (BTC) briefly traded below $80,000 on Thursday after the US Producer Price Index (PPI) for September measured 6.3%, significantly beating the market expectation of 5.3%. This represents the largest monthly PPI jump since March 2022, with core PPI rising to 5% against an expected 4.4%. This decline in crypto and risk assets followed an earlier overshoot in the Consumer Price Index (CPI).