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The crypto market lost $90.3 billion in value in an hour on May 16, with Bitcoin dropping to $77,678. PPI inflation data was 6% above forecast, ending rate-cut expectations and triggering a sell-off. BlackRock’s IBIT lost $136 million, while Bitcoin ETFs saw $290 million in outflows. 154,000 traders were liquidated, losing $696 million in the derivatives market.
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