Bitcoin Retreats Below $71K After Hitting Record Highs; Stocks Also Drop on Hot Inflation Data

• Bitcoin price drops nearly 3% in 24 hours to $70,920 per coin, after hitting new all-time high over $73,700 overnight

• Drop follows US inflation data showing producer price index rose 0.6% in February, hotter than 0.3% expectation

• Stock prices also dropping after inflation data, with S&P 500 down 0.2%, Nasdaq down 0.2%, Dow Jones down 0.3%

• Crypto and stocks often drop together on hot inflation data as "risk assets" if interest rates stay put

• Bitcoin surging in 2022 after January approval of Bitcoin spot ETFs, which hit $1B inflows this week and have over $60B assets under management