Inflation Concerns Send Bitcoin Price Below $80,000

Bitcoin's price fell below $80,000 for the fourth consecutive session due to rising inflation concerns. The token dropped as much as 2.1% in early New York hours, trading at $76,663.54.

The decline coincided with a report showing a 0.4% monthly and 5.4% yearly increase in producer prices, which added to the market's jitteriness. The Bureau of Labor Statistics figures highlighted the ongoing inflation pressure on the economy.

Investors are now focusing on the upcoming CPI data release, which could influence the Federal Reserve's decision on interest rates. Several Fed officials have hinted that this week's reports may be crucial in shaping their rate hike decision.