Bitcoin Below $77,000 as Rate Hike Fears Weigh on Crypto Markets

Crypto markets are in a slump as Bitcoin (BTC) trades below $77,000 on Friday. The price drop follows a loss of over 2% on Thursday, triggered by the release of the US Producer Price Index (PPI), which came in at 5.4% Year-on-Year in August.

The PPI data raises concerns about a potential rate hike at the Federal Reserve's September meeting, with markets expecting a tighter monetary policy. The probability of a 25-basis-point (bps) rate hike next week is now over 70%, according to FedWatch Tool data.

In contrast, Raydium (RAY) and Falcon Finance (FF) have sustained gains over the last 24 hours, emerging as top performers in the crypto market. RAY has risen by nearly 100% so far this month, while FF is up 40% for the week.