The cryptocurrency dropped 1.2% to $77,189.8
Bitcoin slipped on Thursday, as risk sentiment took a hit from soaring oil prices and a mixed U.S. producer inflation report that boosted central bank rate hike expectations and sent Treasury yields soaring.
The cryptocurrency dropped 1.2% to $77,189.8 by 21:39 GMT.
Crypto market participants on Thursday were focused on the August U.S. producer price index (PPI) report.
The PPI report comes a day ahead of the more closely-watched consumer price index (CPI) data, and comes just days after an August nonfarm payrolls report.
Further adding to inflationary concerns, oil prices extended their weekly surge on Thursday, with U.S. West Texas Intermediate crude futures topping $100 a barrel for the first time since May 21. The advance has been driven by a resurgence in action between Iran and U.S. after a weeks-long stalemate over control of the Strait of Hormuz.
Elsewhere, Coinbase CEO Brian Armstrong on Thursday said he believes Bitcoin has bottomed in its current cycle.
Bitcoin goes through these four-year cycles. I personally think we’ve seen the bottom of the Bitcoin price in this cycle, and it’s going to start to trend up over the coming year or two as we reach the next halving event, he told Bloomberg Television in Singapore.
Armstrong also said crypto regulatory clarity has been getting a lot better, with the Clarity Act right on the finish line in the Senate — a bill he called “a big milestone for crypto” if passed.
He added that regulators are ready to act either way. If it doesn’t pass, the regulators in the U.S., the SEC and the CFTC, have come out and said they’re ready to publish clear rules anyway. So, we’ll either get it from the Senate or from the regulators I think in the next week or two.
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