Bitcoin Price Plummets by $1,200 as Treasury Bond Buyback Fails to Calm Yields

Bitcoin's price plummeted by $1,200 on August Producer Price Index data day, dropping below $77,000 and trading at $77,260.27, down 3.0% over 24 hours.

The sudden selloff comes as the Treasury's $6 billion bond buyback failed to stop yields from climbing, adding pressure to already jittery markets.

More than $190 million in long positions were liquidated within an hour of the move, exacerbating the market downturn.

This drop lands in a politically charged week for crypto, with President Trump tying a proposed $5,000 dividend and a potential end to the war to the upcoming midterms, adding fresh macro and political uncertainty to markets already digesting the inflation surprise.