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Bitcoin declined 1.3% following an unexpected drop in April’s Producer Price Index (PPI), defying economists’ forecasts. Investors remain cautious amid mixed economic signals, with all eyes on Fed Chair Jerome Powell’s upcoming remarks for policy clues.
- April's PPI fell 0.5%, driven by a record 0.7% drop in services, contradicting expectations of a 0.2% rise.
- Fed Chair Jerome Powell's upcoming remarks could overshadow inflation data, with a hawkish tone potentially triggering a crypto market shakeout.
- Bitcoin's 1.3% decline reflects broader crypto market caution, with Ethereum, Solana, and Avalanche also slipping 2.2%, 1.7%, and 2.1% respectively.
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