Crypto markets erased most of their weekly gains on Wednesday after the Bureau of Labor Statistics reported that U.S. wholesale prices rose sharply in February and the Federal Reserve left interest rates unchanged.

Bitcoin (BTC) is trading at around $71,300, down nearly 5% over the past 24 hours. ETH and SOL fell 6% to $2,190 and $90, respectively.

Meanwhile, Ripple (XRP) dropped by 5%, and BNB by 4%.

The overall crypto market capitalization slipped 4% to $2.52 trillion, according to Coingecko.

PPI Report

February PPI rose 0.7% month-over-month, more than double the 0.3% economists had forecast. Core PPI (ex-food and…