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Forex

Bitcoin Slumps Below $77,000 Amid Rising US Inflation Concerns

Guavy AI Editorial Team
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Bitcoin's price plummeted to below $77,000 due to rising inflation concerns in the US. The cryptocurrency dropped nearly 2% after the Producer Price Index data showed a 5.4% year-over-year increase, slightly above expectations.

This triggered market bets on a 74% chance of a Federal Reserve rate hike in mid-September.

Other cryptocurrencies like Zcash, XRP, and Solana also declined, while Bitcoin spot ETFs saw $120 million in net outflows.

The S&P 500 extended its losing streak to four days amid inflation concerns, with investors awaiting Friday's Consumer Price Index for further clues on monetary policy.

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