The crypto market faced broad declines over the past 24 hours after the US July Producer Price Index (PPI) came in hotter than expected, dampening optimism for a September interest rate cut.
Meme tokens bore the brunt of the sell-off, plunging 8.62% overall, with $PEPE , SPX6900, and Fartcoin each tumbling more than 10%.
Among the majors, Ethereum $ETH dropped 2.43%, briefly slipping under the $4,500 mark before clawing back some losses. Bitcoin (BTC) saw a heavier fall, down 3.85%, trading below $119,000. XRP followed the trend, sliding 6.4% to $3.12.
Losses extended across most sectors of the market — but there was one standout exception. SKALE (SKL) defied the trend, soaring nearly 48% in a rare upside move during a bearish session.
With macroeconomic uncertainty weighing on risk assets, traders are watching closely to see if the market can stabilize ahead of the next batch of US economic data.
