Bitcoin holds at $77,286 as altcoins drop 5%
Total crypto market cap fell to $2.71 trillion. Inflation data and rate hikes drove the sell-off.
The total cryptocurrency market capitalization declined to $2.71 trillion. This represents a 3.0% drop over the last 24 hours. Bitcoin remained relatively stable at $77,285.98. It also registered a 3.0% loss. Altcoins suffered larger declines. Ethereum fell to $2,438.53. XRP dropped to $1.36. Solana slid to $100.00. These assets lost between 3% and 5% of their value.
Zcash, HYPE, and DOGE posted losses exceeding 7% each. The market reaction was immediate and broad. Gold and silver lost a combined $490 billion in value. This happened within one hour of the data release. The selling pressure extended beyond digital assets to traditional commodities.
Inflation Data Sparks Global Sell-off
US Producer Price Index data triggered the move. The figure came in at 5.4%. Analysts had forecast 5.3%. This was the highest reading in two months. The hot print rattled global markets. Investors reacted negatively to the persistent inflation signal.
The European Central Bank also acted. It raised interest rates by 25 basis points. The new rate is 2.65%. This is the highest level in 18 months. The move added to the global tightening narrative. Risk assets faced increased pressure from this decision.
Oil Prices Reverse Peace Gains
Oil surged above $99 a barrel. This was the first time in 15 weeks, according to Bull Theory. The rally erased price declines from the US-Iran peace agreement. President Trump stated the US is not seeking a new deal. He predicted oil prices will not fall until after midterm elections. Brent crude extended gains above $101 a barrel.
Treasury Signals Aggressive Market Stance
Treasury Secretary Scott Bessent issued a warning to markets. He reportedly said, "I am the house now." The comment signaled a commitment to the current bond market strategy. The Kobeissi Letter framed this as an aggressive stance. It suggests the department will manage liquidity firmly. This added to the day's dramatic tone.
The selloff reflects a convergence of macro pressures. It was not a crypto-specific event. Bitcoin showed relative resilience compared to Ethereum and XRP. Capital appears to be consolidating into the most established asset. Investors are digesting a turbulent macro backdrop. The situation remains volatile heading into the following days. Source: GN markets/crypto (en-US).
