Bitcoin Tumbles Below $78K Amid Higher US Inflation Data

Bitcoin's price slipped below $78,000 on Wednesday after US inflation data came in above expectations. The Personal Consumption Expenditures (PCE) index rose to 3.7% year-over-year, surpassing the anticipated 3.6%. This news sent shockwaves through markets, causing stocks and gold to also fall.

The July PCE print showed a 0.1% increase from the previous month, with food and energy prices rising by 0.2%. The Federal Reserve's preferred inflation gauge has been steadily increasing, reaching nearly double its target of 2.0%.

Investors are eagerly awaiting Nvidia's Q2 earnings report, which is expected to bring short-term volatility to the market. Analysts anticipate a $92.3 billion quarterly revenue for the technology giant.