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Highlights
- US Core PPI falls to 2.4% below the expectation of analyst.
- Despite the cool down, cryptocurrency prices have taken a hit over the last 24 hours.
- The dip in prices follow a previous rally that saw the global crypto market capitalization soar toward $3 trillion.
As the PPI inflation data fell to 2.4%, analysts are scratching their heads over falling crypto prices today. A glance at the charts reveals a dip in value for BTC, ETH, PI, XRP, and SHIB, defying the broader market expectation.
Cooling PPI Inflation Data Fails To Trigger A Rally For Crypto Prices Today
The US Bureau of Labour Statistics (BLS) has released the latest data for the Producer Price Index (PPI), revealing figures below industry expectations. According to the report, US Core PPI fell to 2.4%, signaling cooling inflation, a tell-tale sign for cryptocurrency markets to rally.
Despite the lower PPI inflation data, cryptocurrency prices are in the red over the last 24 hours. CoinMarketCap data reveals a broader decline of the global market capitalization by nearly 2%, triggered by falling crypto prices today.
A close look at the charts indicates a Bitcoin decline to $103K, shedding nearly 1% on the daily charts. The second-largest cryptocurrency, Ethereum (ETH), sees its rally halted by a pullback of 2% over the last day to settle at $2,572.
Among the top ten largest cryptocurrencies by market capitalization, Cardano (ADA) took the biggest hit with a decline of 3.14%. Ripple executives’ meeting with UAE officials failed to sustain XRP’s rally as the token tumbled by 3% in 24 hours.
A bird’s eye view of crypto prices today indicates a double-digit percentage loss for Pi as the token trades at $0.9. Pi price exceeded $1 to flip Litecoin and Bitcoin Cash in a remarkable surge at the start of the week. SHIB price tumbled by a staggering 5.52% with the memecoin inching toward erasing its weekly gains.
Why Is The Market Down?
As investors try to make sense of the lackluster crypto prices today, the obvious reason is profit-taking after the previous rally. Bitcoin price soared past $105,000 while ETH, XRP, and ADA bagged double-digit gains at the start of the week.
Ethereum price crash mirrors Bitcoin’s decline, with the potential expiration of $3.1B in BTC and ETH options pummeling prices. However, the Pi price decline is linked to the angst of community members after a dreary ecosystem announcement.
A Coinbase hack is also contributing to the streak of negative sentiments for crypto prices today. Coinbase is starting at a potential $400 million loss from the security breach, but the exchange is pledging full reimbursement.
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