Bitcoin Falls Below $77,000 as Inflation Data Hits Markets
Bitcoin has slipped below $77,000 following stronger-than-expected US inflation data that raised the likelihood of a September Fed rate hike to over 70%. While the total crypto market cap dropped 2.18%, DeFi assets like Raydium are defying the sell-off to reach new multi-month highs.
According to GN markets/crypto (en-US), FedWatch data now indicates a 72% probability of a 25-basis-point rate hike at the upcoming September meeting, a shift in expectations driven by the hotter-than-expected PPI print. Meanwhile, DeFi tokens are bucking the broader trend, with Raydium climbing 9% to hit a 10-month high despite the general market pullback.
Source: GN markets/crypto (en-US)Total crypto market capitalization dropped 2.18% to $2.62 trillion. Bitcoin broke below the $77,000 level following hotter US producer price data.
Source: GN markets/crypto (en-US)
