Bitcoin Falls Nearly 3% as U.S. January PPI Beats Forecasts at 0.5%

Bitcoin fell nearly 3% intraday to around $66,178 after U.S. January Producer Price Index rose 0.5% month over month and core PPI increased 0.8%, both above 0.3% expectations, Cointelegraph reports. Market expectations for a March Fed rate cut dropped below 4%, while gold broke above $5,200 per ounce and silver rebounded to $92, their highest levels since late January and January 30 respectively. Traders and analysts warned BTC could repeat last month's move when BTC/USD briefly fell to a 15-month low of $59,000; data show Bitcoin has declined nearly 17% so far this month and is on track for a fifth consecutive monthly loss, the first since 2018, according to ChainCatcher.