📉 Crypto Market Sheds $133B in 24 Hours — Here’s Why

The crypto market has taken a sharp hit, losing $133 billion in value in just one day, pulling total market cap down to $3.98T. The drop follows a mix of bearish triggers — US PPI data pointing to rising inflation and comments from US Treasury Secretary Scott Bessent.

💡 Key Reasons for the Drop:

US PPI Surge: July’s Producer Price Index saw its biggest jump in 3 years, signaling inflation pressure and lowering hopes for major Fed rate cuts in September.

Bessent’s Statement: The Treasury Secretary confirmed the US won’t be buying more Bitcoin for its reserves, relying only on confiscated assets. His remarks sparked further selling pressure.

🔻 Market Highlights:

-Bitcoin (BTC): Down from $124,474 ATH to

$118,133

-Ethereum (ETH): Fell from near $5K to $4,558

-XRP: Slight dip to $3.09

-Solana (SOL): Dropped from $201+ to $191

-CoinDesk 20 Index: Down 2.1%

⚠️ Impact:

Over $1B in leveraged positions were liquidated in 24 hours, with long traders taking the biggest losses. This marks the largest single-day liquidation since early August.

While Bessent later posted bullish comments on Bitcoin, the market is still digesting the selloff — leaving traders cautious in the short term.

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