US PPI Surprises Markets, Bitcoin Sees Major Sell-off

A surprise surge in US Producer Price Index (PPI) sent shockwaves through the crypto market and beyond on Thursday, causing a significant sell-off across the board. The index jumped 0.9% in July compared to the previous month and 3.3% year-on-year, exceeding analyst predictions. This unexpected spike threatens to challenge the Federal Reserve’s plans for easing monetary policy and has triggered heavy liquidations on leveraged positions across crypto markets.