Live markets: Bitcoin dips below $80,000 as producer price inflation surges to 6%

60-second summary

Bitcoin dips below $80,000 as producer price inflation surges to 6%, significantly exceeding forecasts in April. Rising oil prices and Iran-related supply risks fuel concerns of another inflation wave. This development is reviving fears of monetary policy tightening, potentially impacting cryptocurrency markets and their correlation with traditional assets, weighing on investor sentiment.