Crypto Market Cap Falls to $2.61 Trillion Amid Rate Hike Fears

The total cryptocurrency market capitalization has declined to $2.61 trillion, marking a 2.6% drop from yesterday's peak, following a significant rise in the US Producer Price Index (PPI). According to BeInCrypto, April's PPI surged to a three-year high of 6%, surpassing the 4.9% consensus, which has reignited concerns about potential Federal Reserve rate hikes. This development has led to a sell-off in cryptocurrencies, which are more sensitive to interest rate changes than equities. Bitcoin (BTC) is trading at $79,221, down 2.5% on the day, while Toncoin (TON) has fallen 28% from its recent peak.