Macro Pressures Slam Crypto Market Amid Inflation Data and ECB Hike

The cryptocurrency market saw a significant downturn on September 10, with the total crypto market cap falling to $2.71 trillion, down 3.0% over the past 24 hours.

BTC held relatively steady at $77,285.98, but altcoins bore the brunt of the selloff, with Ethereum dropping to $2,438.53 and XRP falling to $1.36.

The catalyst for this decline was hot inflation data from Washington, which saw the US Producer Price Index come in at 5.4%, above the 5.3% forecast.

This was compounded by a 25-basis-point interest rate hike from the European Central Bank to 2.65%, its highest level in 18 months.