Bitcoin Price Dips Amidst Inflation Concerns After U.S. PPI Report

The cryptocurrency market experienced a downturn following the release of U.S. Producer Price Index (PPI) data, which indicated a 3.3% annual increase exceeding expectations. This unexpected inflation figure heightened concerns about rising prices and diminished the likelihood of future Federal Reserve rate cuts, prompting selling pressure across major cryptocurrencies like Bitcoin and Ethereum. As a result of the significant market sell-off, over $1 billion in leveraged positions were liquidated, impacting numerous traders and highlighting the volatility associated with high-leverage trading during economic uncertainty.