Bitcoin Tumbles to $76,651 Amid US Inflation Surge

Bitcoin plummeted to $76,651 following the release of US Producer Price Index data showing a 5.4% annual increase in inflation.

The inflation data drove up expectations for a Federal Reserve rate hike, putting pressure on Bitcoin as investors await the next Consumer Price Index report.

Within 24 hours, $562 million in crypto liquidations occurred, mainly affecting long positions worth $484 million, indicating heavy market bets on a price rebound.