Bitcoin Tumbles Below $77,000 Amid Inflation Pressures and Rising Oil Prices

Bitcoin's price fell below $77,000 on Thursday as it faced pressure from higher-than-expected inflation data and rising oil prices.

The Producer Price Index (PPI) for August came in at 5.4% year-over-year, one tenth above estimates, which reinforced expectations of further rate hikes by the Federal Reserve.

CME Group's FedWatch tool placed the odds of a 0.25% increase at the September 16 meeting at 69.8%, compared to 61.2% the previous day.

The 30-year Treasury bond yield reached its highest level since June 2007, with prices surging despite a $6 billion buyback executed by the Treasury.