Crypto
Bitcoin Price Plunges as Hot Inflation Data and Oil Prices Surge
Bitcoin (BTC) price dropped to $77,189 on Thursday due to hot inflation data and surging oil prices.
The US Bureau of Labor Statistics reported a higher-than-expected Producer Price Index (PPI) at 5.4% year-on-year, with July's figures revised upward.
Fed rate hike odds jumped to nearly 72%, up from around 64% before the PPI print, according to the CME FedWatch Tool.
Bond yields rose sharply, with the 30-year yield reaching its highest level since June 2007 at 5.353% and the 10-year yield hitting 4.968%, its highest since November 2023.