Bitcoin drops below $89K, wiping over $100B from the crypto market

Key Takeaways

Bitcoin fell below $89,000, causing over $100 billion to be wiped from the crypto market.
US PCE inflation data largely matched expectations and indicated stable underlying inflation pressures.

Over $100 billion was wiped from the crypto market in the past 24 hours as Bitcoin slipped below $89,000.

According to CoinGecko data, the total market capitalization decreased from approximately $3.2 trillion to $3.1 trillion over the same period. Bitcoin was trading near $89,400 at the time of press, down about 3% on the day.

The pullback followed the release of the latest US Personal Consumption Expenditures (PCE) report, which largely matched expectations.

Headline PCE rose 2.8% year over year, slightly above last month’s 2.7%, while the monthly figure held steady at 0.3%.

Core PCE, the Federal Reserve’s preferred inflation gauge, increased 2.8% year over year, just below both forecasts and the prior reading. On a monthly basis, core PCE remained stable at 0.2%, indicating persistent but contained underlying inflation pressures.

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