Bitcoin Prices Plummet to $65,000 Amid Market Turmoil

Bitcoin's price has been affected by recent market trends, with the cryptocurrency experiencing a significant drop over the weekend. The pullback erased most of the gains made earlier in the week, when bitcoin came close to reaching $70,000. This decline was largely driven by hot producer-price data and a post-earnings Nvidia decline.

The largest altcoins were not spared from the losses, with Solana, XRP, dogecoin, and ether experiencing drops of 6%, 4%, 5.1%, and 6.2% respectively. BNB was relatively better off, down just 2.5%. The trigger for these declines was familiar: a hotter-than-expected 0.5% jump in producer prices.

Crypto followed equities lower, with amplified magnitude. A 0.4% drop in the S&P became a 3% drop in bitcoin and a more than 6% drop in altcoins. The leverage that re-entered the system during Wednesday's rally got flushed on the way back down.