Bitcoin Price Crashes $1,200 As Treasury’s Bond Rescue Backfires

Bitcoin fell $1,200, dropping below $77,000 and now trading at $77,260.27, down 3.0% over 24 hours, after August Producer Price Index data came in hotter than expected. More than $190 million in long positions were liquidated within an hour of the move. The selloff comes as the Treasury’s $6 billion bond buyback failed to stop yields from climbing, adding pressure to already jittery markets. The drop lands in a politically charged week for crypto, with President Trump tying a proposed $5,000 dividend and a potential end to the war to the upcoming midterms, adding fresh macro and political uncertainty to markets already digesting the inflation surprise.