Bitcoin Slides to $77,000 as Inflation Data Looms

Bitcoin has dipped to the $77,000 level this week as investors brace for the August inflation data. The leading cryptocurrency is down 5 percent over the last seven days. The broader market is reflecting this caution, with most major assets currently trading in the red.

Altcoins are feeling the pressure as well. Zcash recorded a sharp 10 percent drop over the last 24 hours. The decline comes alongside rising odds that the Federal Reserve will implement an interest rate hike, with market expectations currently hovering near 70 percent.

Traders are watching the upcoming consumer price index release closely. Higher inflation numbers could signal that interest rates will stay elevated for longer, which historically puts downward pressure on risk assets like digital currencies. All eyes are on the data to see if these market trends will continue.