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Bitcoin Drops Below $80,000 Amid Inflation Data
Bitcoin fell below $80,000 on Thursday, extending a slide that wiped out nearly $1 billion in leveraged crypto bets. The drop was driven by hot inflation data, which showed consumer prices up 3.7% year over year in September. This was the third-heaviest day for long liquidations in the last 90 days, with Ethereum leading with $282.03 million in liquidations. Analysts suggest the selloff is a broad exit from risk rather than a Fed story, with stocks and copper falling, gold rising, and South Korea’s Kospi down about 8%. The drop reached $79,711 before buyers pulled the price back near $80,925, off a rising trend band near $80,286.