India, May 13 -- Cryptocurrencies are trading on a broadly negative note on Wednesday morning as markets react to the hotter-than-expected levels of producer price inflation in the U.S. The latest data, close on the heels of the higher-than-expected levels of consumer price inflation in the U.S. spooked market sentiment. Overall cryptocurrency market capitalization has decreased more than a percent in the past 24 hours.
Data released by the U.S. Bureau of Labor Statistics on Wednesday morning showed headline annual producer price inflation rising to 6 percent in April from an upwardly revised 4.3 percent in March. Markets had expected it to rise to 4.9 percent only. The core component thereof recorded 5.2 percent versus 4.3 percent that ma...