Bitcoin Plunges Below $77K Amid Inflation Surprise and Treasury's Bond Buyback Failure

Bitcoin's price plummeted by $1,200 yesterday, dropping below $77,000 and landing at $77,260.27, a 3% decline over the past 24 hours.

The sudden selloff was triggered by the release of August's Producer Price Index data, which came in hotter than expected.

As a result, more than $190 million in long positions were liquidated within an hour of the move.

The Treasury's $6 billion bond buyback failed to have its intended effect, with yields continuing to climb and adding pressure to already jittery markets.