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Bitcoin drops 4% after U.S. August CPI rises 0.1% from July

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Bitcoin, the largest cryptocurrency by market capitalization, dropped over 4% at 9.40 p.m. Hong Kong time, after the U.S. Bureau of Labor Statistics reported that the Consumer Price Index (CPI) inched up 0.1% in August from July. 

See related article: Markets: Bitcoin, Solana continue rally, Ether slips in anticipation of Merge

Fast facts

  • The slight uptick came after it remained unchanged in July, the statement said. Prices in August rose 8.3% on the year. 
  • Gains and losses in those indexes often correlate with Bitcoin prices. 

See related article: Crypto volatility hasn’t had macroeconomic implications so far: Jerome Powell

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