Crypto markets declined for a second consecutive day after stronger-than-expected U.S. August PPI data lifted market bets on a September Federal Reserve rate hike to 70%, while the European Central Bank proceeded with a 25-basis-point defensive rate increase.
The PayFi sector led losses, falling 4.36% over 24 hours. Zcash (ZEC) dropped 11.60%, Dash (DASH) fell 3.83%, and XRP declined 2.48%. Bitcoin (BTC) slipped 1.53% below $77,000, while Ethereum (ETH) fell 0.40% below $2,500.
Other sectors also weakened: CeFi lost 1.26%, Layer1 fell 2.47%, DeFi dropped 2.87%, Meme declined 3.39%, and Layer2 fell 4.14%. Raydium (RAY) rose 26.19% against the trend, while MarsCoin (MARSCOIN) and 牛来 gained 18.95% and 42.86% intraday, respectively.
Crypto Market Falls for Second Day as BTC Drops Below $77,000
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