Bitcoin briefly plunged below $79,000 for the first time since May 4 as investors digested the latest producer price index (PPI) data, which showed a sharp acceleration in wholesale inflation. According to the cryptocurrency’s daily price chart, bitcoin was coasting above $81,000 before tumbling to an intraday low of $78,704.

Although the cryptocurrency had recovered and was trading just over $79,000 at the time of writing (1:08 p.m. EDT, May 13), it remained down 1% over a 24-hour period, while its market capitalization slipped below $1.6 trillion. Following the latest retreat, bitcoin has shed approximately $3,000 from its May 11 peak of $82,145. The decline began after the Trump administration rejected an Iranian counter-peace proposal.

While global markets await Washington’s next move after President Donald Trump characterized U.S.-Iran relations as being on “life support,” the release of consumer price index (CPI) data showing inflation slightly ahead of projections spooked investors. According to a Bitunix analyst, the latest CPI data indicates that energy-driven price shocks “are once again becoming the dominant force within the U.S. inflation structure, with pressure now spreading into housing, services, and broader consumer sectors.”

“The data suggests that despite two years of restrictive monetary policy, inflation in the United States has not truly returned to a stable trajectory,” the analyst said in a note.

While the CPI figure dampened hopes for a rate cut, the surge in the PPI—which jumped 1.4% in April 2026 to 6%—is now seen as increasing the odds of a rate hike. On prediction markets Polymarket and Kalshi, the odds of the Federal Reserve leaving interest rates unchanged in June were near 100%.

Boston Fed President Susan Collins reportedly warned that some “policy tightening is needed to ensure that inflation returns durably to 2% in a timely manner.” For risk-on assets such as tech stocks and bitcoin, further tightening is viewed as a restriction on upside potential.

As was the case Tuesday, bitcoin’s slide saw long liquidations surpass short liquidations. However, Coinglass data showed the value of long positions liquidated was significantly higher at $94 million, or $37 million more than the previous day. Similarly, short liquidations were double the $7.5 million recorded Tuesday. Overall, the cryptocurrency markets saw $304 million in long positions liquidated versus $71 million in shorts.

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