Bitcoin Slumps Below $77K on Surprise Annual Inflation Rise

The first major economic event of the week has concluded in the United States, and it had an immediate impact on Bitcoin's price. The Producer Price Index (PPI) showed a 0.4% increase for the month, which was in line with expectations.

However, the annual jump is more concerning, coming in at 5.4%, well above the 2% target set by the Federal Reserve. This is 0.1% higher than what experts anticipated, and it may be behind Bitcoin's immediate decline to below $77K.