Crypto Overview: Bitcoin slips below $77,000 – Raydium, Falcon Finance hold gains

• Bitcoin trades below $77,000 on Friday, after losing over 2% the previous day.
• The chances of a rate hike at the Fed’s September meeting are over 70%, weighing on crypto investors' sentiment.
• Raydium and Falcon have sustained gains over the last 24 hours.

Bitcoin (BTC) price trades below $77,000 on Friday, extending its capitulation from the previous week’s high at $82,300. Broader market consensus points to a higher likelihood that the US Federal Reserve (Fed) could raise interest rates at the September meeting, as inflation concerns rise amid the war with Iran. Raydium (RAY) and Falcon (FF) have sustained gains over the last 24 hours, emerging as top performers.

US inflation concerns weigh on crypto

The US Producer Price Index (PPI) released on Thursday came in at 5.4% Year-on-Year in August, up from 4.8% in July and above the market consensus of 5.3%. The PPI data raises concerns about a potential rate hike at the Fed’s September 15-16 meeting. Markets expect a tighter monetary policy, with FedWatch Tool data showing a 72% probability of a 25-basis-point (bps) rate hike next week. 

Bitcoin recorded a loss of over 2% on Thursday, triggered by the PPI data release, which reaffirmed hawkish expectations. In addition, CoinGlass data shows $446 million was liquidated over the last 24 hours in the broader crypto market, with $353 million from long positions, suggesting sell-side dominance.