Crypto extends slide for a second day; PayFi leads losses as BTC dips below $77,000
AI Market Summary
Hotter-than-expected US August PPI lifted expectations of a September Fed hike to ~70%, while the ECB delivered a defensive 25 bp hike, tightening global liquidity conditions. Crypto sectors fell for a second day, led by PayFi; broad weakness hit Layer 2, DeFi, and Layer 1. BTC slipped below 77,000 and ETH weakened, with outsized declines in select alts (e.g., ZEC).
Impact level
● High
Affected assets
BTC/USDT-1.19%
AI Insight · BTC/USDTAI Insight
▼ Bearish
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Odaily Planet Daily reports: On September 11, SoSoValue data showed that U.S. August PPI came in above expectations, lifting the market's implied probability of a September Fed rate hike to 70%. Alongside the ECB's firm decision to deliver a defensive 25-basis-point hike, crypto sectors fell again, with PayFi posting the largest decline, down 4.36% over the past 24 hours.
Within PayFi, Zcash (ZEC) dropped 11.60%, Dash (DASH) slid 3.83%, and XRP fell 2.48%. Bitcoin (BTC) retreated 1.53% to below $77,000, while Ethereum (ETH) eased 0.40% to below $2,500.
Other sectors also weakened: CeFi fell 1.26% (Aster/ASTER -5.17%); Layer 1 declined 2.47% (Canton Network/CC -5.22%); DeFi lost 2.87%, though Raydium (RAY) rallied against the trend by 26.19%; Meme tokens fell 3.39%, while MarsCoin (MARSCOIN) and Niu Lai surged intraday by 18.95% and 42.86%, respectively; Layer 2 slid 4.14% (Starknet/STRK -8.16%).
Historical performance indices tracking the market showed ssiLayer2, ssiDeFi and ssiPayFi down 4.23%, 3.21% and 3.08%, respectively.
