Crypto Market Declines for Two Consecutive Days as Rate Hike Bets Rise

The crypto market took another hit on September 11, as the PayFi sector led the decline with a 4.36% drop over 24 hours.

This was triggered by rising market bets on a Fed rate hike in September, which rose to 70%, following the release of US August PPI data above expectations.

The ECB's firm commitment to a 25BP defensive rate hike also contributed to the decline.

Bitcoin (BTC) fell below $77,000 with a 1.53% drop, while Ethereum (ETH) dropped below $2,500 with a 0.40% decrease.

The CeFi sector fell 1.26%, with Aster down 5.17%, and the Layer1 sector fell 2.47%, with Canton Network down 5.22%.