- Bitcoin dropped to $77,111.05 today, though it remains up 4.9% for the week.
- Hot PPI data pushed Fed rate hike odds to 71.3%, pressuring risk assets hard.
- Over $129 million liquidated in an hour, with long positions hit the hardest.
The global crypto market cap fell 1.8% to $2.71 trillion over the past 24 hours. Bitcoin traded at $77,111.05, down 1.9% on the day. Ethereum changed hands at $2,460.11, down 1.2% in 24 hours and down 2.5% over seven days.
BNB fell 1.8% to $715.81, down 1.7% weekly. XRP dropped 3.6% to $1.35, down 7.2% over the week. Solana slid 2.5% to $99.77, down 4.3% over seven days.
The selloff followed the U.S. August Producer Price Index, which rose 5.4% year over year, above the 5.3% forecast. CryptoQuant analyst Darkfost said the reading, paired with a European Central Bank rate hike, drove aggressive sell orders on Binance past $1.4 billion within an hour.
More than $60 million in Bitcoin-related positions were liquidated in that window. Total liquidations across the network reached $129 million in the following hour, with longs accounting for $122 million of that total.
Trending Searches
Pons led trending searches at $0.6386, up 0.2%. STONK followed, up 37.4% to $0.2755, and Hunter Biden’s LAPTOP token crashed 58.2% to $0.4289 as it continued recovering from its post-launch crash.
Among top gainers, Bifrost surged 252.5% to $0.038032, KNOTS climbed 100.2% to $0.043971, and BREW rose 91.6% to $0.020459.
Macro Pressure on Risk Assets
The 30-year Treasury yield climbed to 5.35% on Thursday, its highest since 2007. The 10-year yield touched 4.97%, nearing the psychologically important 5% level.
ING’s Padhraic Garvey said a 10-year yield hitting 5% “looks like a done deal, not just a forecast.” A roughly $14 million options trade this week bet that a bond selloff would push the 10-year yield past 5%.
Lubian Mining Pool founder Jiang Zhuoer said he expects Friday’s CPI report to disappoint too and has positioned for further downside. BIS General Manager Pablo Hernández de Cos separately warned that debt-financed AI investment could threaten global financial stability if returns fall short.
Security Recovery
Liquid Network said block production resumed as of 10:00 UTC on September 10, though transactions remain paused during a controlled recovery phase. Blockstream confirmed required Functionary and bridge node updates are deployed and working, while peg operations stay suspended pending reserve restoration.
Institutional Moves
Nasdaq’s venture arm is investing $100 million in Payward, Kraken’s parent company, valuing the exchange at $21 billion. Coinbase CEO Brian Armstrong told CNBC that Bitcoin reaching $400,000 by 2030 is a “reasonable goal.”
Coinbase also rebranded its Base App back to Coinbase Wallet and partnered with Moov to bring stablecoin payments to more than 1,000 community banks and credit unions. Kalshi received CFTC approval for gold and silver perpetual contracts and plans to seek approval for stock-linked perpetuals on names like Tesla and Nvidia.
Related: Coinbase Partners With Moov to Expand Stablecoin Payments Across Smaller U.S. Banks
Regulatory Developments
Senate Republicans released a 630-page revised CLARITY Act, with a first procedural vote set for September 15. The UK House of Lords passed an amendment requiring the Treasury to draft a digital assets strategy within 12 months, though it still needs Commons approval.
Whale Activity
A wallet linked to Cumberland withdrew 8.5 million PONS worth $6.55 million from Gate over the past week. A dormant address re-entered the market after five months, spending $4.82 million to buy 1,951 ETH before depositing it into Morpho.
Related: Senate Republicans Release Revised Clarity Act Ahead of Vote
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