Bitcoin Falls Below $80,000 Amid US Economic Data

The cryptocurrency market has been affected by recent economic data from the United States. The U.S. Producer Price Index (PPI) released this week exceeded expectations, triggering a risk-off sentiment in the market.

As a result, Bitcoin's price plummeted below $80,000, causing significant liquidations in the crypto derivatives market. Nearly $400 million worth of positions were closed out, highlighting the increased volatility in the market.

Ethereum open interest reached a historic high, signaling that investors are holding onto their positions in anticipation of future price movements. Meanwhile, altcoins and memecoins experienced steep declines, with major tokens remaining under pressure due to the overall market sentiment.