Virtuals Protocol Sees 5.32% Swing Amid Macro-Driven Market Pullback

The Virtuals Protocol (VIRTUAL) cryptocurrency has seen a significant swing of 5.32% over the last ~25 hours, largely driven by macro factors and short-term trading flows.

A mild risk-off environment in the crypto market led to a broad selloff, with the total crypto market cap falling about 1.4% in the past 24 hours.

This was triggered by hotter-than-expected US Producer Price Index (PPI), an ECB rate hike, surging crude oil, and rising bond yields, which affected major altcoins like ETH, BNB, XRP, and SOL, causing them to drop 3-7% in 24 hours.

The move in VIRTUAL can be attributed to its high-beta nature, making it more susceptible to macro-driven market fluctuations.