Markets faced renewed inflation pressure after the ECB announced a 0.25bps rate hike, its second increase of the year, citing concerns over rising inflation. US Producer Price Index (PPI), a measure of wholesale-price inflation, also exceeded expectations: core PPI, excluding food and energy, rose 4.6% year over year versus 4.5% expected, while headline PPI reached 5.4% against a 5.1% forecast. Markets priced in the stronger inflation data immediately, with Bitcoin futures taker sell volume exceeding $1.4 billion on Binance in one hour and more than $60 million in Bitcoin positions liquidated in under an hour.