Macro Factors Push Filecoin to 5% Decline Amid Broader Crypto Selloff

Filecoin's price dropped by roughly 5% over the past day, a move largely driven by macroeconomic factors affecting the broader crypto market. The US Producer Price Index (PPI) came in at 5.4%, higher than expected, which triggered a selloff across risk assets, including cryptocurrencies.

Gold and silver lost around $490 billion in value, while altcoins fell more than Bitcoin. This environment of rising inflation and rate hike expectations weighed on high-beta assets like Filecoin.

Within this context, the entire crypto market declined by about 2%, with Filecoin trading down 4.92% over the past day. Its market capitalization stood at around $645 million, with a 24-hour volume of approximately $79 million.