Crypto
Bitcoin Falls Below $77,000 Amid Rising Inflation Concerns
The cryptocurrency market experienced a significant downturn as Bitcoin slid below $77,000. The decline was fueled by a hotter-than-expected U.S. producer price index reading and rising Brent crude prices above $104 a barrel.
A total of $190 million in leveraged long positions were liquidated within an hour, exacerbating the downward pressure on the market. This move pushed futures-implied odds of a Federal Reserve rate hike at the September 15-16 meeting to approximately 70%.
The total cryptocurrency market capitalization fell roughly 2.18% to $2.62 trillion as major altcoins such as Ethereum, XRP, Shiba Inu, and Dogecoin retreated in tandem with Bitcoin.