Crypto
Crypto Market Plummets $57 Billion as Inflation Fears Intensify
The crypto market plummeted 2.18% to $2.62 trillion after the release of hotter-than-expected United States inflation data, which reignited concerns about a Federal Reserve rate increase.
Rising oil prices, leveraged liquidations, and crypto ETF outflows all contributed to the decline in prices. Bitcoin fell below $77,000, Ethereum slipped toward $2,470, and XRP traded near $1.38.
The producer inflation report for August showed a 0.4% increase, which fueled fears of persistent inflation and increased expectations for Fed tightening at its September 15-16 meeting.