Bitcoin (CRYPTO: BTC) plunged to $77,000 Thursday after August PPI inflation came in hotter than expected, liquidating over $190 million in long positions in 60 minutes.
What the PPI Data Showed
The Kobeissi Letter flagged on X that August PPI inflation rose to 5.4% year-over-year, above the 5.3% estimate, while core PPI climbed to 4.6% year-over-year, the highest reading since June 2026.
July’s headline and core PPI figures were also revised higher, adding further pressure on rate hike expectations heading into the Sept. 16 Fed meeting.
Adding to the pressure, the 10-year Treasury yield crossed 4.90% for the first time since November 2023, up 95 basis points since the Iran War began.
