Bitcoin Slides to $72,300 as Geopolitical Tensions and Hotter U.S. PPI Data Pressure Risk Assets

Bitcoin's price briefly fell to $72,300, down about 2% over 24 hours, as tensions in the Middle East escalated alongside higher-than-expected U.S. inflation data, according to CoinDesk. Ethereum (ETH), Solana (SOL), and XRP declined nearly 3%, while risk assets came under broad pressure amid reports of an attack on Iran's South Pars gas field, claims that Israel killed Iran's intelligence minister, and U.S. strikes with heavy bombs on missile facilities near the Strait of Hormuz, which pushed WTI crude oil from around $92 to nearly $96. The U.S. February PPI rose 0.7% month-over-month versus expectations of 0.3%, and core PPI increased 0.5%, with CoinDesk noting that this data does not yet include the recent oil price spike, heightening concerns about persistent inflation and weakening expectations for rate cuts as U.S. stock index futures retreated about 0.4%. Market attention has turned to the upcoming Federal Reserve rate decision and Chair Jerome Powell's comments on growth and inflation risks, while CoinDesk reported that U.S. President Trump both took a tougher line on Iran, calling it the "number one state sponsor of terrorism," and again publicly urged rate cuts, adding a political angle to the meeting.