Bitcoin, Altcoins Plummet With PPI Data, What Role Will Today’s CPI Data Play ?

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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 $19,200 area and is trading at $19,043 with a fall of 0.52% over the last 24hrs. On the other hand, Ethereum is leading the altcoin correction with a drop of 1.10% in the last day and is 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 list is led by Cardano as ADA has lost 7.11% over the last 24hrs to trade at $0.365 and it has declined by 15.62% in the last seven days. Solana has been pulled by 3.93% valued at $30.04. Also Polygon MATIc has joined the losers list after the currency had a negative pull off by 6.92% in the last 24hrs.

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 that is affecting the crypto market revolves around macroeconomic conditions due to the Federal Reserve’s hawkish approach towards financial measures. Yesterday, the Producer Price Index (PPI) data was released which is reading 8.5% Year-on-year. This marking has exceeded the expected one which was at 8.4%. However, the core PPI where food and energy price is not included is flashing 7.2% lesser than the expected marking of 7.3%.

Furthermore, today’s Consumer Price Index (CPI) release is set to impact the crypto market majorly.