Bitcoin Loses Key Support Amid Global Market Rout
The financial world is reeling today as Bitcoin ($BTC) fell below the critical $80,000 psychological support level. This move comes on the heels of a brutal opening session for Wall Street, where roughly $700 billion in market capitalization evaporated within minutes of the opening bell. The contagion has not been limited to risk assets; the precious metals market is witnessing an unprecedented exodus, with an estimated $1.5 trillion wiped from Gold and Silver valuations over the last 24 hours.
Bitcoin price in USDWhy is Bitcoin Crashing Today?
The primary catalyst for the Bitcoin price drop appears to be a massive de-risking event triggered by "hotter-than-expected" inflation data. The latest Producer Price Index (PPI) surged to 6% year-over-year, far exceeding the 4.9% forecasts. This has effectively killed any re...
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