Bitcoin Drops to $65K Again as ETH, XRP and Solana Followed

The post Bitcoin Drops to $65K Again as ETH, XRP and Solana Followed appeared first on Coinpedia Fintech News

The crypto market is falling again, down about 2% and now near $2.27 trillion. Bitcoin, the flagship cryptocurrency, has erased its recent gains and is down to $65,253. Ethereum fell 4% in the last 24 hours. 

Other altcoins, including XRP, Solana, Dogecoin, and Bitcoin Cash, also dropped between 5% and 18%.

So, what is pushing Bitcoin and Ethereum prices down today?

One major reason behind this drop is that the latest U.S. Producer Price Index (PPI) for January came in higher than expected. 

January’s PPI came in at 2.9% year-over-year, above the expected 2.6%. Core PPI rose to 3.6%, also higher than forecasts. This suggests inflation remains strong, reducing the chances of an early interest rate cut by the Federal Reserve.