Crypto
US Inflation Data Sends Bitcoin Below $77,000
The US inflation report released today sent shockwaves through financial markets, causing Bitcoin to drop nearly 2% below $77,000. The Producer Price Index rose 5.4% on an annual basis, surpassing expectations and pushing traders to bet heavily on a Federal Reserve rate hike at the upcoming meeting.
The data release also had a broad impact on other cryptocurrencies, with Zcash leading losses at around 12%. XRP fell roughly 4%, while Solana broke below $100. The CoinDesk 20 index fell around 3%, nearly twice Bitcoin's decline.
US spot Bitcoin ETFs saw $120 million in outflows yesterday, more than doubling Tuesday's figure. Analysts note that $76,270 is a key technical support level for Bitcoin, which is now less than $800 above it.