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Bitcoin price drops due to expected global inflation

In Friday’s trading, Bitcoin (BTC) experienced a sharp decline and was last spotted trading below $21,500, down more than 8% from the previous day. This week, the largest cryptocurrency by market value is down 13%. The decline started during overnight trading and coincided with abnormally high German inflation data.

Above expectations of 32 percent, annual producer inflation in Germany hit a new high of 37 percent in July. Producer prices are the costs associated with the items and services that manufacturers in a specific area sell. The PPI figures from Germany and the US are comparable. In contrast, the U.S. PPI for July came in at 9.8 percent.