Bitcoin Falls Below $89K, Triggers $100 Billion Crypto Market Loss

Bitcoin Market Update

The cryptocurrency market witnessed a substantial downturn as Bitcoin fell below the $89,000 mark, erasing over $100 billion from the market. This decline was accompanied by the latest US Personal Consumption Expenditures (PCE) report, which aligned closely with expectations.

Key Takeaways

• Bitcoin Price Drop: Bitcoin's value dipped under $89,000, contributing to a major $100 billion market capitalization loss.
• Stable Inflation Data: The US PCE inflation figures showed a year-over-year increase of 2.8%, slightly above the previous 2.7%, with monthly changes steady at 0.3%.

Core PCE, a key inflation measure for the Federal Reserve, rose 2.8% year over year, slightly below predictions, maintaining a monthly rise of 0.2%. This indicates persistent yet controlled inflation pressures.

According to CoinGecko data, the overall crypto market cap decreased from around $3.2 trillion to $3.1 trillion. Bitcoin was trading close to $89,400, reflecting a daily decline of about 3%.