Bitcoin (BTC) experienced a significant surge last night, reaching an all-time high of over $124,000. This surge is largely attributed to growing institutional interest and optimism regarding the potential for a Fed rate cut in September. A 95.8% probability points towards a rate cut, contributing to the bullish sentiment surrounding the crypto asset. Meanwhile, the release of US Producer Price Index (PPI) data has sparked market reactions as well. The data reveals: 0.9% increase in core producer price index (monthly), compared to expected 0.2%, and previous 0.0%. This is also accompanied by a 3.7% annual change in the core PPI, significantly exceeding expectations of 2.9%. Finally, the Producer Price Index for the month stands at 0.9% with an estimated 0.2%, compared to the previous 0.0%. Bitcoin’s reaction to this data release is noteworthy: The article continues…