Crypto
US Inflation Worries Weigh on Bitcoin, But Some DeFi Tokens Thrive
Bitcoin's price continues to struggle below $77,000 as concerns about US inflation weigh on the market. The Federal Reserve's potential interest rate hike at the September meeting has markets expecting a tighter monetary policy.
The latest data from the US Producer Price Index (PPI) showed a 5.4% Year-on-Year increase in August, surpassing expectations and raising hawkish sentiments. This has led to a 2% loss for Bitcoin on Thursday, with $446 million liquidated in the broader crypto market.
Despite this, some DeFi tokens are bucking the trend, with Raydium (RAY) rising 9% on Friday and Falcon (FF) holding steady above $0.1600. Both tokens have seen significant gains in recent days, with RAY up nearly 100% so far this month.