Bitcoin registered an intraday low of $79,730 before recovering to around $82,000 as surging US wholesale inflation intensified a cryptocurrency selloff that triggered nearly $940 million in liquidations.

This price action extended losses as stronger-than-expected inflation data raised concerns about another interest rate hike by the Federal Reserve.

According to CoinGlass, 176,506 traders were liquidated during the period, totaling $939.24 million. The largest single liquidation occurred on Binance, where traders closed a BTC-USDT position worth $12 million.

Surging inflation collides with falling Treasury yields and Fed uncertainty

The selling followed a Labor Department report showing US producer prices jumped 1.3% in September, the…