Bitcoin Plunges Below $77K After Inflation Report Surprises

The price of Bitcoin has dropped below $77K after the release of the first inflation report of the week. The Producer Price Index (PPI) showed a 0.4% increase for the month, matching expectations but coming in at a higher annual jump of 5.4%. This exceeds the 2% target set by the Federal Reserve and is 0.1% higher than what experts anticipated.

The core PPI, excluding volatile sectors like food and energy, showed an increase of 0.2%, beating expectations of a 0.3% jump.

The release of this data caused Bitcoin's price to drop by $1,000 in minutes after the report went live. This decline comes on top of a previous drop from over $80,400 to $78,400 in anticipation of upcoming key economic events.