Bitcoin dropped below the psychologically important $77,000 level on September 10, hitting an intraday low of approximately $76,748. The decline was driven by sharply increased expectations of tighter Federal Reserve monetary policy following hotter-than-expected inflation data, with the Producer Price Index rising 5.4% year over year in August. Soaring energy prices pushed Brent crude above $100 per barrel, while Treasury yields climbed to multi-year highs, with the 10-year reaching 4.92% and the 30-year hitting 5.35%, its highest since 2007. Institutional flows also deteriorated, as U.S. spot Bitcoin ETFs recorded $100.7 million in net outflows on September 9 following $46.6 million in withdrawals the prior day.
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