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Bitcoin stuck below $80,000 as leveraged longs unwind, altcoins slide
Key takeaways
- The largest cryptocurrency was recently changing hands around $79,800 after dropping to as low as $78,720 on Wednesday.
- Risk assets have been pressured after lofty inflation figures from the U.S., with the Producer Price Index (PPI) rising 6%, marking its highest annual level since 2022 and stoking inflation concerns.
- The "Altcoin Season" indicator dropped back to 43/100 after hitting 50/100 on Monday, demonstrating a risk-off mood among crypto investors.
The largest cryptocurrency was recently changing hands around $79,800 after dropping to as low as $78,720 on Wednesday. Crucially, it is still below the weekly open of $82,500.
Risk assets have been pressured after lofty inflation figures from the U.S., with the Producer Price Index (PPI) rising 6%, marking its highest annual level since 2022 and stoking inflation concerns.
The "Altcoin Season" indicator dropped back to 43/100 after hitting 50/100 on Monday, demonstrating a risk-off mood among crypto investors.
Article preview — originally published by CoinDesk. Full story at the source.
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