Bitcoin Slumps Below $77K Amid Inflation Fears

Bitcoin's price fell below $77,000 on September 10, as hotter U.S. inflation and rising Treasury yields weighed on the cryptocurrency market.

The drop followed an August producer inflation rate of 5.4% year over year, which led traders to increase bets on another Federal Reserve rate hike next week.

According to Reuters, the probability of a rate hike is now near 70%, up from around 65% before the PPI release.

The selloff triggered approximately $562 million in crypto liquidations, with Bitcoin contributing to the wave as long positions were forced out after the $78,000 support area failed.