Bitcoin (BTC) fell dramatically in Friday trade, and was last seen trading below $21,500, down more than 8pc in the previous 24 hours. The biggest cryptocurrency in terms of market value is down 13pc this week. The drop began during overnight trade, coinciding with unusually strong German inflation statistics. In July, annual producer inflation in Germany reached a record high of 37pc, above predictions of 32pc. Producer prices are the costs of goods and services sold by manufacturers in a given location. The German PPI data is comparable to the US PPI data. In comparison, the July PPI figure in the United States was 9.8pc.