This article was prepared using automated systems that process publicly available information. It may contain inaccuracies or omissions and is provided for informational purposes only. Nothing herein constitutes financial, investment, legal, or tax advice.
Bitcoin’s record-breaking rally was abruptly halted as stronger-than-expected US wholesale inflation data triggered a market sell-off. The cryptocurrency dropped over 4% as investors reassessed the likelihood of interest rate cuts. The sudden reversal highlights Bitcoin’s sensitivity to macroeconomic indicators.
- Bitcoin fell 4.3% immediately after July's US wholesale inflation data showed the largest annual increase since 2021
- The cryptocurrency had just set a new record high of $124,515 before the inflation-triggered selloff
- The market reaction demonstrates Bitcoin's growing correlation with traditional financial indicators like inflation and interest rate expectations
📎 Related coverage from: bloomberg.com
Other Tags: Mike McGlone