Cryptocurrency Markets Decline Following PPI Data and Significant Liquidations

Cryptocurrency markets experienced a notable downturn following the release of Producer Price Index (PPI) data that exceeded expectations, raising concerns about persistent inflation and potential interest rate hikes by the U.S. Federal Reserve. This led to substantial liquidations in leveraged trading positions, intensifying selling pressure on major cryptocurrencies like Bitcoin and Ethereum. Investors are closely monitoring economic developments and any signals from central banks to determine the near-term trajectory of the markets. Furthermore, geopolitical tensions and news regarding potential meetings between world leaders are influencing investor sentiment and adding to market uncertainty.