Bitcoin's price fell below $80,000, reaching $79,706, as the US Producer Price Index (PPI) for April surged to 6.0% year-over-year, surpassing expectations. The PPI increase, which was significantly higher than the anticipated 4.9%, has heightened inflation concerns, impacting both crypto and equity markets. The core PPI also rose sharply, contributing to the pressure on Bitcoin. The unexpected inflation data has led to speculation about potential delays in Federal Reserve rate cuts, further tightening liquidity. This has resulted in a broader market sell-off, with the S&P 500 and US Treasury yields also affected. Bitcoin's immediate challenge is to reclaim the $80,000 level to mitigate further downside risks.
Bitcoin Dips Below $80K as US PPI Surges to 6%
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