India, Oct. 15 -- Bitcoin fell more than 3.6% on Thursday after new US data showed that wholesale prices rose sharply in September, raising concerns about inflation and the Federal Reserve's next interest rate decision. Bitcoin was trading at around $81,500 following the release of the inflation data.

The cryptocurrency also fell below its 50-day moving average, a level traders use to understand price trends. Bitcoin recorded a 24-hour low of $80,443, according to the same report.

The US Bureau of Labor Statistics (BLS) reported on October 15 that the Producer Price Index (PPI), which measures changes in prices received by producers for their goods and services, increased 1.3% in September from August. This was much faster than the revi...