Crypto market capitalization dropped 7%, its sharpest fall this year, as bitcoin (BTC) plunged 8% in the past 24 hours to wipe weekly gains and kickstart a marketwide decline.
Bitcoin slumped from Thursday’s high of $73,000 to as low as $65,800 early Friday before slightly recovering.
Ether (ETH), Cardano’s ADA, BNB Chain’s BNB and XRP showed similar losses, while volatile meme coins dogecoin (DOGE) and shiba inu (SHIB) fell 13%. Solana’s SOL tokens were the only major token in green, up 1% since Thursday.
The sell-off started during the U.S. trading hours on Thursday as the February Producer Price Index (PPI) came in 0.6% higher, doubling the pace in January and doubling economist forecasts, dousing hopes for a rate cut in May.
Source:
CryptoNow
