Bitcoin Sells Off 3%; Is Macro Risk Returning to Market?
Summary
Bitcoin's bullish trend has been affected by rising inflation and interest rates. The Producer Price Index for February showed a 0.6% increase, exceeding expectations. The 10-year Treasury yield has risen to 4.30%, and the U.S. dollar has strengthened. Expectations for Fed rate cuts in 2024 have diminished, impacting bitcoin's vulnerability to correction. After reaching a record high, bitcoin's value dropped to $70,650 following the economic data.
