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) had inched up 0.1% in August from July. 

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Fast facts

  • The slight uptick came after the CPI 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. 

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