The bears have taken control on the overall cryptocurrency market as the global crypto market cap has plunged by 1.50% and is positioned at $909.8 Billion.
This market crash is led by bitcoin, the first-born cryptocurrency where it has lost the $19,200 zone and is trading at $19,043, down 0.52% over the past 24 hours. Ethereum, on the other hand, is leading the altcoin correction with a drop of 1.10% on the last day and changing hands at $1,281.
Other altcoins too have fallen prey to this pull back as in the last 24hrs Binance Coin (BNB) has declined by 2.52% while XRP has given up a whooping 6.60%.
The top losers are led by Cardano as ADA is trading at $0.365, down 7.11% over the past 24 hours and is down 15.62% over the past seven days. Solana is down by 3.93%, with a value of $30.04. POLYGON MATIC has also joined the losers list after the currency lost a negative 6.92% in the last 24 hours.
Even the meme currencies like Dogecoin and Shiba Inu have given up 3.86% and 5.49%, to trade at $0.057 and $0.00000976 respectively.
crypto crash on ppi release
The main reason why the crypto market is affected revolves around macroeconomic conditions due to the Federal Reserve’s harsh approach to financial measures. Yesterday, Producer Price Index (PPI) data was released which is reading 8.5% year-on-year. This marking has exceeded the expected 8.4%. However, the core PPI where the price of food and energy is not included, is shining 7.2% below the expected mark of 7.3%.
Furthermore, today’s Consumer Price Index (CPI) release is set to impact the crypto market majorly.
