Bitcoin, Ethereum, XRP, Dogecoin Fall as Hot PPI Raises Rate Hike Bets: Analyst Says BTC Not the 'Biggest Runner,' Expects This Coin to Break Out

Leading cryptocurrencies dropped further on Thursday after hotter-than-expected producer inflation trimmed investors’ risk appetite.

Crypto Slide Continues

Bitcoin dipped below $77,000 as selling pressure accelerated. Ethereum meandered in the $2,400 region, with volume spiking 10% over the last 24 hours.

Cryptocurrency-related stocks also fell, with Strategy Inc.(NASDAQ:MSTR) and Bitmine Immersion Technologies Inc.(NYSE:BMNR) closing down 3.12% and 0.04%, respectively.

Over $450 million was liquidated from the cryptocurrency market in the last 24 hours, with $359 million in bullish long positions alone evaporated, according to Coinglass data.

Bitcoin’s open interest fell 0.47% over the last 24 hours and more than 8% over the week. "Greed" sentiment prevailed in the market, according to the Crypto Fear & Greed Index.

Top Gainers (24 Hours)

The global cryptocurrency market capitalization stood at $2.66 trillion after a decline of 1.37% in the past 24 hours.

Stocks Close Lower for 3rd Straight Session

Stocks extended the decline on Thursday. The Dow Jones Industrial Average shed 405.41 points, or 0.77%, to end at 52,380.66.The S&P 500 closed 0.48% lower at 7,636.36, while the tech-focused Nasdaq Composite dropped 0.64% to close at 26,253.34.