Bitcoin Tops $76,000 After PPI Miss; MicroStrategy Profitable

Bitcoin rose above $76,000 on April 14 after the Bureau of Labor Statistics reported March producer prices below market forecasts, reaching an intraday high of $76,038 before trading around $75,335, roughly 5% higher over 24 hours.

The Producer Price Index for final demand increased 0.5% month over month in March, less than the 1.1% consensus. Core PPI, which excludes food and energy, was up 0.1% versus an expected 0.4%. On a year-over-year basis, headline PPI was 4.0% compared with an anticipated 4.6%, and core PPI came in at 3.8% versus a 4.1% estimate.

Energy accounted for most of the remaining price growth: final demand energy prices rose 8.5% and gasoline jumped 15.7%. Food prices fell 0.3%, while goods excluding food and energy increased 0.2%.

The price move pushed MicroStrategy’s bitcoin holdings above the company’s average purchase price of about $75,580 per coin, bringing the firm’s position into profit for the first time since late March. MicroStrategy holds about 780,897 BTC, making it the largest corporate holder.

The company added 4,871 BTC between April 1 and April 5 at an average price of $67,718 per coin, which lowered its blended cost basis. MicroStrategy’s stock rose 6.97% to $141.58 on the session, and the market value of its bitcoin reserve exceeded $58.9 billion.

Market participants will look to upcoming U.S. economic releases for further signals. Retail sales data scheduled for Wednesday and public commentary from Federal Reserve officials are expected to affect expectations for the timing of interest-rate changes. If consumer price measures follow the weaker wholesale reading, investors may adjust their views on potential policy easing.

Traders and institutional holders are monitoring incoming data to determine whether wholesale inflation has softened persistently or is a short-term development. The PPI report is likely to influence trading in both macro and cryptocurrency markets in the near term.