Market Wrap: Bitcoin’s Price Plummets on Global Inflation Concerns

The decline in crypto prices appears to be linked to poor inflation data in Germany. Bitcoin (BTC) sold off sharply in Friday trading, and was recently trading below $21,500, down more than 8% over the last 24 hours. The largest cryptocurrency by market capitalization is down 13% for the week.The decline started during overnight trading, coinciding with unexpectedly high inflation data in Germany. Germany’s annual producer inflation figures rose to a record high of 37% in July, versus expectations of 32%.