Crypto
Bitcoin Plunges Below $77K as Sizzling PPI Data Drives Rate Hike Bets
Bitcoin slid below $77,000 after U.S. inflation metrics revealed producer prices increased 5.4% year-over-year, beating analyst projections.
The Federal Reserve's interest rate hike expectations rose to 74% following the release, with a target range of 3.75% to 4.00%, according to the CME FedWatch tool.
Bitcoin spot exchange-traded funds in the U.S. saw $120 million in net withdrawals on Wednesday, more than double Tuesday's outflows.
The S&P 500 index declined to approximately 7,594, extending its losing streak to four consecutive trading sessions.