Crypto
Bitcoin Plunges Below $77K as Inflation Rate Surpasses Expectations
The Producer Price Index (PPI) report released today showed a 0.4% increase for the month, which was in line with expectations.
The annual jump is significant at 5.4%, well above the 2% target set by the Federal Reserve and 0.1% higher than anticipated.
This unexpected news pushed Bitcoin's price down immediately, dropping by $1,000 within minutes to below $77K.
The upcoming Consumer Price Index (CPI) report tomorrow will be closely watched before the Federal Reserve meeting on September 15-16, where a rate decision is expected to be announced.