🔴 IBIT is trading 4.4% down today as hot PPI data and Fed rate pause stoke inflation fears

IBIT is trading at $40.40 (down 4.4%) as hotter-than-expected PPI data and a hawkish Fed pause stoke inflation fears and weigh on risk assets.

• Bitcoin dropped to approximately $72,483 after February PPI came in at 0.7% vs. a 0.3% forecast, while the Fed signaled fewer rate cuts amid Strait of Hormuz oil disruptions.
• Major indices are also under pressure, with the S&P 500 down 1.16% and the Nasdaq down 1.21% as rising Treasury yields impact crypto and other risk-on sectors.