Crypto Prices Plunge After Shock Inflation Report
The biggest cryptocurrencies in the world dipped sharply Thursday after the latest inflation data showed wholesale prices are rising much faster than expected. The price of Bitcoin is down 3.8% on the day ($117,900), Ethereum is down 4% ($4,535), and Ripple is down 6.1% ($3.07) according to CoinMarketCap.
Crypto prices are responding to the Producer Price Index (PPI) for July, which measures the average change in prices from U.S. manufacturers and service providers. It rose by 0.9%, according to the Bureau of Labor Statistics, the largest monthly increase since March 2022, according to the Wall Street Journal.
That 0.9% increase was three times higher than was expected, and that’s a bad…
