Commodities
Bitcoin Tumbles Below $77,000 Amid Inflation and Oil Price Surge
The price of Bitcoin (BTC) fell below $77,000 on Thursday as risk assets faced renewed headwinds due to higher-than-expected inflation data and a surge in oil prices.
The US Producer Price Index (PPI) inflation rate hit 5.4% in August, exceeding market expectations. The index for final demand less foods, energy, and trade services rose 0.3 percent in August after moving up 0.4 percent in July.
The Middle East conflict sent oil prices soaring, with West Texas Intermediate (WTI) crude passing $100 per barrel for the first time since May 21, while Brent crude passed $105 per barrel on the day, nearing a new 16-week high.