Bitcoin falls more than 3% on US economic data

Bitcoin prices fell on economic data such as the Producer Price Index (PPI) and Consumer Price Index (CPI) for February in the U.S. The PPI rose 0.6% year-on-year in February, an accelerated rate of growth that exceeded expectations. the CPI rose 3.2% year-on-year, and the core CPI rose 3.8% year-on-year, which were higher than expected. In addition, the U.S. 10-year Treasury yield rose to 4.30% and the U.S. dollar gained about 1% against other major currencies. These factors have pressured the price of bitcoin. At press time, the bitcoin price was down more than 3% at $70,900.