Cryptocurrencies continue to struggle after Thursday’s producer price inflation data release, which may have derailed crypto’s near-term prospects.
What Happened: Prominent analyst Benjamin Cowen attributes the crypto selloff to a sharp rise in producer price index (PPI) inflation, which jumped from 2.3% to 3.3% year-over-year, well above expectations.
Bitcoin (CRYPTO: BTC) prices broke below $119,000, while XRP (CRYPTO: XRP) also lost ground heading to around $3.1.
He explains that PPI reflects upstream, wholesale inflation, while consumer price index (CPI) shows downstream, retail …