Crypto Market Cap Falls 3%, Bitcoin Holds Firm Amid Macro Pressures
The global crypto market cap fell to $2.71 trillion over the past 24 hours, down 3.0%. Bitcoin is holding steady at $77,285.98, also down 3.0%, but altcoins are taking a hit.
Ethereum dropped to $2,438.53 and XRP fell to $1.36, both posting losses in the 3-5% range. Solana slipped to exactly $100.00. Zcash, HYPE, and DOGE lost more than 7% each.
The market selloff is largely attributed to inflation data from Washington. The US Producer Price Index came in at 5.4%, exceeding the forecast of 5.3%. This hot reading sent shockwaves through markets globally, with gold and silver losing a combined $490 billion in value within an hour.
The European Central Bank also raised interest rates by 25 basis points to 2.65%, its highest level in 18 months, contributing to the broader tightening narrative weighing on risk assets worldwide. Oil prices surged above $99 a barrel for the first time in 15 weeks, further adding pressure.