Bitcoin fell below the $80,000 level. Major cryptocurrency prices are also declining. Analysts say concerns about inflation grew after the U.S. producer price index (PPI) beat expectations. The weakening of expectations for an interest rate cut by the Federal Reserve (Fed) due to this is also cited as a factor.
According to global coin tracking site CoinMarketCap on the 14th, as of 9:10 a.m., the price of Bitcoin was $79,353, down 1.35% from 24 hours earlier.
During the same period, Ethereum was down 0.56% at $2,263, XRP (Ripple) was down 0.68% at $1.42, and Solana was down 3.14% at $91.20.
This is seen as the impact of the shock from U.S. inflation data. The U.S. April PPI, on a seasonally adjusted basis, jumped 1.4% from the previous month. That was the biggest increase in 4 years and 1 month since March 2022 (1.7%), far exceeding the market forecast for a 0.5% rise.
With U.S. inflation indicators surging, an analysis also noted that the reduced likelihood of the Fed cutting rates immediately affected the decline in cryptocurrency prices