Bitcoin Tumbles After PPI Report Exceeds Expectations

Bitcoin's price dropped significantly after the release of the first inflation report of the week. The Producer Price Index (PPI) showed a 0.4% increase for the month, which was in line with expectations but still a concern. The annual jump is quite high at 5.4%, well above the 2% target set by the Federal Reserve.

The PPI data pushed Bitcoin's price south hard, with it dropping $1,000 in minutes after the report went live. This decline comes after the cryptocurrency had already dropped from over $80,400 to $78,400 in anticipation of the upcoming key economic events.