Crypto prices slide as US producer inflation reaches 6.5%

The Bureau of Labor Statistics said producer prices rose 0.3% in October, following a revised 1.4% increase in September. Economists had forecast a 0.4% monthly rise and 6.6% annually. Core PPI, excluding food and energy, also gained 0.3%, matching FactSet’s consensus, Barron’s reported. A separate measure excluding food, energy and trade services rose 0.5% for the month and 4.9% year over year. Goods prices climbed 0.5%, while services increased 0.2%, according to the BLS.

Crypto selling was already under way during Asian trading. Earlier on Nov. 13, Bitcoin fell below $70,000, and CoinGlass recorded about $1.23 billion in liquidations across cryptocurrency exchanges. Bitcoin accounted for $677.5 million, including $653.5 million in long positions. A separate report cited a dollar index above 103 and renewed technology-share selling after Nvidia CEO Jensen Huang’s resignation. US spot Bitcoin ETFs saw $299.8 million in withdrawals on Nov. 11, including $269.7 million from BlackRock’s IBIT. Outflows across five consecutive sessions totaled about $1.44 billion, according to Farside figures cited in the report.

Ethereum traded in the $1,900s after falling below $2,000. Analyst Ella identified $1,900–$1,940 as a possible recovery area but said the four-hour chart still showed lower highs. “I’m not calling this a bottom just because price touched support,” she wrote on X on Nov. 13, citing a price of about $1,940. A move above $2,040 would make the chart look less weak, she said; a clear break below $1,900 would put $1,840 in focus. Alex Marzell warned that continued selling could take ETH to $1,500 after another breakdown from a rising channel. Earlier coverage cited $249.8 million in Ethereum liquidations, including $225.9 million in long positions, and $144.8 million in Nov. 11 US spot ETH ETF withdrawals. A Foundation-linked wallet also sold 2,000 ETH worth about $3.87 million, according to Lookonchain; Onchain Lens said the transaction exchanged the tokens for USDS through CoWSwap.

XRP hovered around $1. Ali Charts said the token had reversed gains after failing to clear $1.55 resistance on its three-day chart and was nearing channel support at $0.99. A break below that level could expose $0.80, his Nov. 13 X post said. The chart showed XRP at $1.026.

Pi Network’s PI was consolidating near $0.0696, according to analyst Crypto With Gopal, who said buyers were defending a falling wedge’s lower trendline as sellers lost momentum. His recovery scenario requires a break above $0.0735, with $0.085 as the next target.