Bitcoin (BTC) reached $70,142 eight minutes after the US released its October producer inflation data on Friday, November 13. BTC had traded at $69,244 on Coinbase just before the release. By the time US stocks opened an hour later, Bitcoin had given up its nearly $900 gain and fallen to $69,093.
Bitcoin spent less than a minute above $70,000
The US Bureau of Labor Statistics released the Producer Price Index (PPI) at 8:30 a.m. ET. Bitcoin ended the final minute before the announcement at $69,244 on Coinbase. Five minutes after the release, it had climbed to $69,860.
The sharpest move came at 8:38 a.m. ET, when Bitcoin hit $70,141.87, about 1.3% above its pre-release price. It ended that minute at $69,914 and did not trade above $70,000 again on Coinbase before Wall Street opened.
By 9:00 a.m. ET, Bitcoin was trading at $69,484. Half an hour later, it stood at $69,093 as the opening bell rang in New York. That put BTC about $1,050 below its post-release high and roughly $150 below its last price before the report.
Producer inflation came in below forecasts as annual price growth accelerated
US producer prices rose 0.3% in October from the previous month, below the 0.4% increase markets expected. The bureau revised September’s increase from 1.3% to 1.4%, putting October’s monthly rate 1.1 percentage points below September’s.
Producer prices rose 6.5% from a year earlier. Although that was below the 6.6% forecast, it exceeded September’s 6.3% increase and marked the fastest annual rise in nearly four years.
Bitcoin was already trading below $70,000 ahead of the inflation report. It had fallen below $69,000 earlier on Friday while US stock markets were still closed. The surge at 8:38 a.m. briefly took Bitcoin back above $70,000, but the entire post-release gain had evaporated by the time Wall Street opened.
