Crypto prices took a major hit with $BTC , ETH, XRP, and SHIB falling amid the release of positive PPI inflation data.

As the PPI inflation data fell to 2.4%, analysts are left scratching their heads over falling crypto prices today.

A look at the charts shows BTC, ETH, PI, XRP, and SHIB all depreciating, defying broader market expectations.

Cooling PPI inflation data fails to trigger rally for crypto prices today.

The US Bureau of Labor Statistics (BLS) released the latest data for the Producer Price Index (PPI), which came in below industry expectations.

Display the data. According to the report, the US core PPI fell to 2.4%, signaling cooling inflation, which is a key sign for cryptocurrency markets.

Despite low PPI inflation data, cryptocurrency prices have been in the red over the past 24 hours.

CoinMarketCap data shows a broad decline of around 2% in global market capitalization, which began with the falling crypto prices today.

A closer look at the charts shows that Bitcoin has fallen to $103K, shedding around 1% on the daily chart.

The second largest cryptocurrency, Ethereum (ETH), sees its rally halted by a 2% retracement over the last day to settle at $2,572.

Of the top ten largest cryptocurrencies by market capitalization, Cardano (ADA) suffered the most losses, falling 3.14%.

Ripple executives’ meeting with UAE officials failed to sustain XRP’s rally as the token fell 3% in 24 hours.

A bird’s eye view of crypto prices today shows a double-digit percentage loss for Pi as the token trades at $0.9.

The price of Pi surpassed $1 to flip Litecoin and Bitcoin Cash in a notable increase at the start of the week. $SHIB price has dropped by a staggering 5.52% and memecoin is on track to erase its weekly gains.

Why the market is down?

As investors try to make sense of weak crypto prices today, the obvious reason is to take profits after the previous rally.

Bitcoin’s price crossed $105,000 while ETH, XRP, and ADA saw double-digit gains to start the week.

Ethereum's price crash mirrors Bitcoin's decline, with potential expirations of $3.1B in BTC and $ETH options driving prices lower.

However, the drop in the price of Pi is related to the anger of community members after the announcement of a terrible ecosystem.

A Coinbase hack is also contributing to the negative sentiment for crypto prices today.

Coinbase is opening with a possible $400 million loss from the security breach, but the exchange is promising full compensation.

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