Crypto wipeout of $939 million pushes Bitcoin near $78,000 amid US inflation surge

Bitcoin dropped to an intraday low of $79,730 before recovering to around $82,000, following a nearly $939.24 million liquidation event involving 176,506 traders, with the largest single liquidation of $12 million occurring on Binance. This selloff was intensified by surging US wholesale inflation, as the Labor Department reported US producer prices jumped 1.3% in September, with annual wholesale inflation accelerating to 6.3%, and core producer prices rising 0.7%, raising concerns about another Federal Reserve interest rate hike.