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Bitcoin (BTC) Records Biggest Drop Since June in the Wake of CPI Report
The world’s biggest cryptocurrency, Bitcoin, has recorded its biggest drop since June. The price of Bitcoin (BTC) plunged by 10% as the Consumer Price Index (CPI) report was released for August 2022.
The report from the Labor Department showed an 8.3% rise in consumer prices over the past 12 months ending in August, causing the Dow, S&P 500, and Nasdaq stocks to experience their worst day in 2022.
Bitcoin, moving in tandem with the traditional markets fell as much as 10% to end a 4-day winning streak. The sharp decline caused the price of Bitcoin to fall from a high of $22,673 to as low as $20,062.
The 24-hour price chart for Bitcoin (BTC). Source: CoinMarketCap
Bitcoin’s losses...
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