Bitcoin Slips Below $80,000 as U.S. Producer Prices Jump 1.3%

Bitcoin (BTC) briefly fell below $80,000 Thursday after September U.S. producer prices recorded their sharpest monthly rise since March 2022, then recovered above that level by the end of the UTC day.

The September final-demand Producer Price Index (PPI) increased 1.3% from August, seasonally adjusted, and climbed 6.3% from a year earlier. The annual gain was the largest since December 2022. The figures were released at 8:30 a.m. ET (12:30 UTC) Oct. 15.

Energy drove most of the increase in goods prices. Final-demand energy prices jumped 10.8%, including a 20.3% rise in gasoline, while services prices advanced 0.8%. A measure excluding food, energy and trade services rose 0.5% for the month and 5% over 12 months.

Bitcoin’s UTC daily close was near $82,100. September consumer prices were up 3.7% from a year earlier, and the Federal Reserve’s next scheduled policy meeting is Oct. 27-28. PPI tracks prices received by domestic producers, while the Consumer Price Index measures prices paid by consumers.