"Bitcoin briefly plunged below $79,000 for the first time since May 4 as investors digested the latest producer price index data, which showed a sharp acceleration in wholesale inflation. According to the cryptocurrency's daily price chart, bitcoin was coasting above $81,000 before tumbling to an intraday low of $78,704. Although the cryptocurrency had recovered and was trading just over $79,000 at the time of writing (1:08 p.m. EDT, May 13), it remained down 1% over a 24-hour period, while its market capitalization slipped below $1.6 trillion."
"Coinglass data shows the crash triggered $94 million in BTC long liquidations on the top cryptocurrency. Polymarket odds favor a Fed pause in June despite PPI jumping 1.4% in April 2026. Following the latest retreat, bitcoin has shed approximately $3,000 from its May 11 peak of $82,145."
"The decline began after the Trump administration rejected an Iranian counter-peace proposal. While global markets await Washington's next move after President Donald Trump characterized U.S.-Iran relations as being on life support, the release of consumer price index (CPI) data showing inflation slightly ahead of projections spooked investors."
"According to a Bitunix analyst, the latest CPI data indicates that energy-driven price shocks are once again becoming the dominant force within the U.S. inflation structure, with pressure now spreading into housing, services, and broader consumer sectors. The data suggests that despite two years of restrictive monetary policy, infl"
Bitcoin briefly dropped below $79,000 for the first time since May 4 after investors digested producer price index data showing a sharp acceleration in wholesale inflation. The price fell to an intraday low of $78,704, after trading above $81,000 earlier in the day, and later recovered to just over $79,000. The move coincided with $94 million in BTC long liquidations, according to Coinglass data. Bitcoin remained down about 1% over 24 hours and its market capitalization slipped below $1.6 trillion. The broader decline followed earlier market pressure after the Trump administration rejected an Iranian counter-peace proposal and after consumer price index inflation came in slightly ahead of projections. Energy-driven inflation shocks were described as spreading into housing, services, and other consumer sectors.
Read at news.bitcoin.com
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