On Friday, March 15, the rate of the first cryptocurrency fell sharply. Just yesterday it was above $73,000, and this morning it is hovering around $67,500. This is evidenced by CoinMarketCap data.
During the day, the asset decreased by 7.72%. It should be noted that Bitcoin's fall came after it reached a high of $73,803, setting a new record for the fourth day in a row.
“Bitcoin has a well-established history of volatility after hitting a record,” said Matt Simpson, senior market analyst at City Index, according to Reuters.
However, the price of Bitcoin remains nearly 60% higher a year to date, helped by crypto -activity driven by an influx of cash into new spot exchange-traded funds, as well as expectations that the US Federal Reserve will soon cut interest rates.
What about other cryptocurrencies
Almost all cryptocurrencies with the largest capitalization went down. Ethereum lost 7.36% over the course of the day and is now trading at $3,679.The largest drop in 24 hours was for Dogecoin (-11.59%).
Solana, on the contrary, showed growth. During the day, the asset increased by 4.46% to $174.
It is worth noting that the fall in cryptocurrency occurred after the release of data from the US Bureau of Labor Statistics on Thursday, March 14. The US producer price index (PPI) rose 1.6% year-on-year in February. This result was on top of the 1% growth recorded in January (revised from 0.9%), and was above market expectations of 1.1%.
Annual core PPI rose 2% over the same period , repeating the January growth. On a monthly basis, the core index increased by 0.3% compared to analysts' forecast of 0.2% m/m.