The cryptocurrency market is experiencing another drop, currently valued at around $2.27 trillion – a decrease of about 2%. Bitcoin, the leading crypto, has lost its recent gains and is now trading at $65,253. Ethereum has also fallen, dropping 4% over the past day.
Other altcoins, including XRP, Solana, Dogecoin, and Bitcoin Cash, also dropped between 5% and 18%.
So, what is pushing Bitcoin and Ethereum prices down today?
Hot U.S. PPI Data Triggers Selling
A key factor in this decline was the January U.S. Producer Price Index (PPI), which was higher than economists predicted.
Producer prices increased by 2.9% in January compared to a year ago, exceeding expectations of 2.6%. When excluding food and energy, so-called core PPI rose to 3.6%, also above what analysts predicted. These figures indicate that inflation is still robust, making it less likely that the Federal Reserve will lower interest rates anytime soon.
BREAKING:
US CORE PPI: 3.6%
EXPECTATIONS: 3%
— Crypto Rover (@cryptorover) February 27, 2026
When interest rates go up, investments considered safe, like bonds, often become more appealing. This can lead investors to move their money out of riskier options, such as cryptocurrencies.
Liquidations Hit Traders Hard
A sudden price drop led to significant losses for many traders. In the last 24 hours, over 96,000 traders had their positions closed due to losses, totaling approximately $260 million.
Almost 70% of the closed trades were bets that prices would go up, and these traders were forced to sell when prices fell. Bitcoin liquidations totaled around $90 million, and Ethereum saw about $86.5 million in liquidations.
Bitcoin Set to Close February in the Red
Bitcoin has lost all the ground it gained on February 26th, when it almost reached $70,000. As February closes, Bitcoin is showing significant losses, currently down almost 16.75% for the month.
For the first time ever, Bitcoin has experienced losing months in both January and February. It fell around 10% in January and 16.75% in February.
If Bitcoin falls below the $62,553 level, it could retest the recent four-week low near $60,000.
Historically, Bitcoin tends to reach its lowest price point about 23 months after hitting its highest. We’re currently at that 23-month mark, which could suggest a potential bottom is near.
Altcoins Follow Bitcoin’s Drop
Ethereum’s price has also decreased, dropping around 5.7% over the last day after it couldn’t surpass a recent high point it reached four weeks ago.
Coins like XRP, Solana, Dogecoin, and Bitcoin Cash have fallen even more sharply, with losses ranging from 5% to 18%. Overall, the cryptocurrency market is responding to Bitcoin’s recent decline.
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2026-02-27 22:37