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Bitcoin Slips Below $80K After US PPI Data
Bitcoin (BTC) dipped below $80,000 on Thursday after US Producer Price Index (PPI) data significantly beat expectations. BTC/USD fell as much as 1.8% on the day, reaching its lowest levels since September 18. The PPI data showed a 6.3% increase, the largest monthly gain since March 2022, and a 5% rise in core PPI, both above expected levels. This led to a tech sell-off in South Korea, where the KOSPI Composite Index fell 7.5% on Thursday. US 10-year bond yields were not rising despite the inflation numbers, with the yield down almost 3% at the time of writing, at its lowest levels since September 23.