US PPI Data Arrives: Bitcoin and Ethereum Drop Sharply
<p class="text-left mb-4 ">US producer inflation rose 5.4% annually in August. Selling across the cryptocurrency market accelerated following the data.</p><p class="text-left mb-4 "><a href="https://jrkripto.com/tr/coin/btc" target="_blank" rel="noopener noreferrer" class="text-primary underline">Bitcoin</a> fell 3.5% to $76,800. Ethereum dropped 3.8% to $2,417.</p><p class="text-left mb-4 ">
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</p><p class="text-left mb-4 ">Bitcoin had climbed as high as $79,606 during the day. However, selling pushed the price toward its daily low.</p><p class="text-left mb-4 ">Rising inflation strengthened expectations surrounding the Federal Reserve’s interest rate policy. Higher Treasury yields also pressured risk assets.</p><p class="text-left mb-4 ">The crypto market now awaits US consumer inflation data. The US will publish August CPI figures on September 11.</p><h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">US producer inflation climbed to 5.4%</h2><p class="text-left mb-4 ">The US Labor Department published the August PPI figures. Producer prices increased 0.4% on a monthly basis.</p><p class="text-left mb-4 ">Economists also expected a 0.4% monthly increase. Therefore, the monthly figure matched market expectations.</p><p class="text-left mb-4 ">However, annual PPI reached 5.4%. Markets expected the annual rate to reach 5.3%.</p><p class="text-left mb-4 ">Producer inflation stood at 4.8% in July. Consequently, the latest figure signaled accelerating price pressures.</p><p class="text-left mb-4 ">Prices excluding food and energy increased 0.2% monthly. Annual core PPI rose to 4.6%.</p><p class="text-left mb-4 ">This rate stood at 4.2% in July. Therefore, underlying price pressures also remained strong.</p><p class="text-left mb-4 ">Rising energy costs particularly pushed producer prices higher. Increasing oil prices amplified inflation risks.</p><h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">Bitcoin fell below $77,000</h2><p class="text-left mb-4 ">Bitcoin traded around $78,000 before the PPI report. Selling pressure increased considerably after the data.</p><p class="text-left mb-4 ">BTC fell to $76,788 during the writing of this report. Its daily loss reached 3.5%.</p><p class="text-left mb-4 ">Consequently, Bitcoin moved below the $77,000 support level again. The price also erased all its intraday gains.</p><p class="text-left mb-4 ">Bitcoin recently produced an important technical signal. Its 50-day moving average crossed above the 200-day average.</p><p class="text-left mb-4 ">Investors call this pattern a “golden cross.” However, macroeconomic pressure limited short-term technical optimism.</p><p class="text-left mb-4 ">The $80,000 level represents strong resistance for Bitcoin. Meanwhile, the $76,000 region remains important support.</p><p class="text-left mb-4 ">Continued selling could bring $75,000 into focus. Conversely, buyers could target $77,000 again.</p><h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">Ethereum’s loss reached 3.8%</h2><p class="text-left mb-4 ">Ethereum also declined alongside Bitcoin. ETH fell as low as $2,416.</p><p class="text-left mb-4 ">The token had climbed to $2,517 during the day. However, strong selling ended its recovery attempt.</p><p class="text-left mb-4 ">Ethereum’s daily loss reached 3.8%. Therefore, ETH slightly underperformed Bitcoin.</p><p class="text-left mb-4 ">Altcoins generally move more sharply during risk-off periods. Consequently, macroeconomic uncertainty could intensify pressure on altcoins.</p><p class="text-left mb-4 ">Changes in Bitcoin dominance also carry importance. Rising dominance could deepen losses across altcoins.</p><h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">Rising oil prices and Treasury yields pressured crypto</h2><p class="text-left mb-4 ">Brent crude remained above the $100 level. The price surpassed $105 during the day.</p><p class="text-left mb-4 ">Elevated oil prices increase energy-driven inflation risks. This outlook complicates the Fed’s interest rate decision.</p><p class="text-left mb-4 ">The US 10-year Treasury yield approached 4.9%. Rising yields reduce demand for risk assets like cryptocurrencies.</p><p class="text-left mb-4 ">Wall Street futures also declined following the data. Nasdaq 100 futures dropped about 1.1%.</p><p class="text-left mb-4 ">S&P 500 futures lost 0.47%. Meanwhile, Dow Jones futures declined 0.29%.</p><p class="text-left mb-4 ">Therefore, selling pressure extended beyond the cryptocurrency market. Declining global risk appetite affected several asset classes.</p><h2 class="text-left text-foreground text-3xl font-bold mb-3 mt-1">Crypto market awaits US CPI data</h2><p class="text-left mb-4 ">Investors now focus on Friday’s US CPI report. This data could carry greater weight in the Fed’s decision.</p><p class="text-left mb-4 ">Stronger-than-expected CPI could increase rate-hike expectations. Such an outcome could accelerate selling across cryptocurrencies.</p><p class="text-left mb-4 ">Lower inflation could provide short-term market relief. However, oil prices remain a key risk.</p><p class="text-left mb-4 ">The Fed will announce its interest rate decision on September 16. Therefore, Bitcoin volatility could remain elevated in the coming days.</p>
