Bitcoin drops 3% as inflation hots up again, and a quiet services spike just changed the rate cut story

Bitcoin drops 3% as PPI beats forecasts, and a tiny detail could skew the next macro trade Bitcoin traded lower after January producer inflation came in above consensus. That sets up a longer stretch in which rate expectations may steer crypto pricing ahead of the next producer price index (PPI) print on March 18. January PPI inflation was 2.9% year over year, above the 2.6% consensus estimate. Core PPI (excluding fo…