Bitcoin price today: BTC falls 3.6% as US wholesale inflation jumps 1.3% in September

Bitcoin's value dropped by more than 3.6% on Thursday due to a surge in wholesale inflation data released by the US. The cryptocurrency's price was around $81,500 after the inflation information was made public. Bitcoin's trading price fell below its 50-day moving average, a significant indicator for traders. The price of Bitcoin hit its lowest point at $80,443 in a single day, as per the same report.

The US Bureau of Labor Statistics (BLS) announced on October 15 that the Producer Price Index (PPI), which gauges changes in the prices producers receive for their goods and services, surged 1.3% in September compared to August. This marked a significant increase from the previously reported 0.5% rise in the previous month, according to the BLS.

Throughout September, US wholesale prices rose 6.3%, which was the fastest rate since December 2022, the BLS revealed. These latest figures added to worries about rising prices in the US economy. The inflation report came just a day after the US consumer inflation data was released. These two reports provided investors with fresh information about escalating prices before the Federal Reserve's October policy meeting.