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Bitcoin Slides Below $80,000 Amid Hot Inflation Data
Bitcoin's price has momentarily dipped below $80,000 on Thursday following more hot-than-expected U.S. inflation data. The price of the largest cryptocurrency has since recovered slightly, but it has shed nearly 3% of its value over the past week. This dip comes after the Labor Department's Bureau of Labor Statistics released data showing U.S. producer prices rose at the fastest pace in over four years, leading traders to speculate that the Federal Reserve may keep interest rates higher for longer.