PPI - Bitcoin Plunges 8% To Below $67K: Did Inflation Just KO The Crypto King? | Benzinga
Bitcoin (CRYPTO: BTC) experienced a downturn, dropping to as low as $66,952 early Friday morning. The decline comes after the latest U.S. economic data, raising concerns about persistent inflation.
What Happened: The price of Bitcoin, as recorded by CoinMarketCap, fell swiftly from highs of $71,200, dropping over just a few hours. At the time of writing, there were no signs of a significant recovery. February’s U.S. Producer Price Index (PPI) aligns with other economic indicators, pressuring the Federal Reserve to act.
Pressure Factors: With the inflation data out, speculation now centers on the Fed maintaining higher interest rates for longer. Additionally, recurring market patterns suggest Bitcoin dips during U.S. market openings, potentially contributing to the current price movement.
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