Key takeaways
- Bitcoin fell below $89,000, causing over $100 billion to disappear from the crypto market.
- US PCE inflation data largely matches expectations and indicates stable underlying inflationary pressures.
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More than $100 billion has been wiped from the crypto market in the past 24 hours as Bitcoin fell below $89,000.
According to data from CoinGecko, the total market capitalization increased from approximately $3.2 trillion to $3.1 trillion during the same period. At press time, Bitcoin was trading near $89,400, down about 3% on the day.
This decline follows the publication of the latest report on personal consumption expenditures (PCE) in the United States, which largely met expectations.
The overall PCE rose 2.8% year-on-year, slightly above last month’s 2.7%, while the monthly figure remained stable at 0.3%.
Core PCE, the Federal Reserve’s preferred inflation gauge, rose 2.8% year over year, just below forecasts and the previous figure. On a monthly basis, core PCE remained stable at 0.2%, indicating persistent but contained underlying inflationary pressures.
