PPI Report Triggers $363M Liquidation as Bitcoin Holds Above Key Support

The recent Producer Price Index (PPI) report released on September 10th showed that the cost of goods and services rose 0.4% for the month, in line with expectations.

However, the annual PPI was at 5.4%, 0.1% higher than expected and still well above the Fed's target of 2% inflation target.

This bearish sentiment transferred to the crypto markets, causing Bitcoin (BTC) to fall by 2.2% for the day, reaching a low of $76,464 before bouncing back up to $77,249 at the time of writing.

The decline in BTC was mirrored across the crypto sphere, resulting in $363 million in long liquidations on Thursday.