Bitcoin surpassed the $70,000 mark on November 13, 2026, following the release of the October producer price index. The cryptocurrency recorded a gain of approximately 1% to 1.35%, while gold prices climbed above $3,900 per ounce, reflecting a 0.6% to 1% increase.
The US Bureau of Labor Statistics reported that the headline producer price index rose 0.3% month-over-month in October, falling short of the 0.4% forecast. On an annual basis, producer prices increased by 6.5%, which was slightly below the anticipated 6.6%.
Core PPI data matched expectations, showing a 0.3% monthly rise and a 5.0% increase year-over-year. Despite the headline annual figure reaching its highest level in nearly four years, the data suggests a slight deceleration compared to the previous month's growth.
Market participants adjusted their expectations for the Federal Reserve's December policy decision following the report. The probability of a 50 basis-point interest rate hike decreased, while a 25 basis-point increase remains the primary market expectation.
