Bitcoin Slides Below $77K Following Latest PPI Inflation Data

Bitcoin dipped below the $77,000 mark today after the latest Producer Price Index report hit the wires. The report showed a 0.4 percent monthly increase, which was slightly higher than predicted. While the core data came in better than expected, the broader annual jump of 5.4 percent remains significantly higher than the Federal Reserve goal of 2 percent.

Traders were already nervous ahead of the news, causing the price to slide from over $80,000 earlier this week. The latest figures triggered an immediate drop of $1,000 in just a few minutes. This reaction shows just how sensitive the market is to economic reports right now.

All eyes are now on tomorrow, when the government releases the Consumer Price Index for August. These inflation figures are the final piece of the puzzle before the Federal Reserve meets on September 15 and 16. With market speculation about a potential rate hike heating up, volatility will likely remain high through the end of the week.