Bitcoin drops to $79,800 after US inflation data sparks risk-off move
Bitcoin prices have fallen below $80,000, currently trading at $79,800, after stronger-than-expected US producer price inflation data.
The data sparked a risk-off move, leading to long liquidations and negative derivatives flows.
Crypto derivatives markets showed signs of stress, with liquidations surging to nearly $400 million and ether open interest hitting a record high.
The crypto market remained subdued, with altcoins sliding sharply and the ‘Altcoin Season’ indicator dropping to 43/100.