Bitcoin Price Crash Wipes Out $89 Billion as Fed Rate Hike Odds Hit 44%

Bitcoin's price crash wiped out $89.36 billion from the global crypto market, which fell 3.2% to $2.71 trillion. BTC dropped from a 24-hour high of $83,700 to below $81,000 after U.S. inflation came in hotter than expected, raising Fed rate hike odds to 44%. The drop triggered nearly $1 billion in liquidations.