The total crypto market cap fell to $2.71 trillion, down 3.0% over the past 24 hours. Bitcoin is holding relatively steady at $77,285.98, also down 3.0%, but altcoins are bearing the brunt of today’s selloff. Ethereum dropped to $2,438.53, XRP fell to $1.36, and Solana slipped to exactly $100.00, all posting losses in the 3-5% range. Zcash, HYPE and DOGE posted losses more than 7% each.
The catalyst came from Washington. US Producer Price Index data came in at 5.4%, above the 5.3% forecast and the highest reading in two months. The hotter-than-expected inflation print rattled markets broadly, not just crypto, gold and silver lost a combined $490 billion in market value within an hour of the data release.
The PPI shock wasn’t the only central bank news moving markets today. The European Central Bank raised interest rates by 25 basis points to 2.65%, its highest level in 18 months, adding to a broader tightening narrative weighing on risk assets worldwide.
Oil surged above $99 a barrel for the first time in 15 weeks, according to Bull Theory, completely wiping out the price declines that followed the recent US-Iran peace agreement. President Trump added to the pressure, saying the US isn’t seeking a new deal with Iran and that oil prices won’t meaningfully fall until “right after” the midterm elections, even as he predicted prices would eventually tumble. Brent crude extended its gains above $101 a barrel following those comments.
Treasury Secretary Scott Bessent added to the day’s dramatic tone, reportedly saying “I am the house now” and warning markets not to bet against the Treasury’s moves, a comment The Kobeissi Letter framed as a signal that the department is fully committed to its current strategy of managing bond markets and liquidity.
With inflation running hotter than expected, a fresh ECB rate hike, oil climbing back above $100, and the Treasury signaling an aggressive stance on bond markets, today’s selloff reflects a convergence of macro pressures rather than a crypto-specific event. Bitcoin’s relative resilience compared to Ethereum, XRP and smaller altcoins suggests capital may be consolidating into the most established asset as investors digest a turbulent macro backdrop heading into the following days.
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