Bitcoin holds near $81,000 as wholesale prices jump 1.3%

US wholesale inflation ran hot in September. The Producer Price Index climbed 1.3% month-over-month, its sharpest monthly rise since March 2022. Bitcoin, meanwhile, stayed parked close to $81,000. For an asset often described as an inflation hedge, it reacted to an inflation shock with a shrug. The annual PPI figure reached 6.3%. Energy did most of the damage, accounting for more than 80% of the increase in goods prices. Energy prices carried the whole report September’s report was dominated by fuel. Final-demand energy prices rose 10.8% in a single month. Gasoline was the headliner, up 20.3%. Diesel managed to outdo it, rising 21.0%. Strip out the volatile pieces and the picture calms down, though not entirely. Core PPI, which excludes food, energy and trade services, rose 0.5% month-over-month and 5.0% year-over-year. Crypto stays calm through the release Bitcoin slipped approximately 0.4% after the data came out. That was about the extent of the drama. The broader market followed the same script. None of the five largest tokens moved more than 1% in either direction around the release. That calm stands out given the backdrop. Hot consumer price data released earlier had already ...