The total market capitalization of all cryptocurrencies has dropped almost 4% over the past day to around $4.07 trillion, according to CoinGecko, and the S&P 500 is slightly down Thursday since markets last closed.
“The near certainty of U.S. interest rate cuts lifts risk appetite and pressures the dollar,” said Axel Rudolph, senior technical analyst at IG, a UK-based financial firm.
“The recent pullback in crypto prices following a hotter-than-forecast reading on PPI seems to have shaken broader confidence in a Fed rate cut next month,” said Thomas Perfumo, global economist for Kraken, one of the largest crypto exchanges in the U.S.
Kyle Chasse, founder and chairman of the crypto venture firm MV Global, echoed Perfumo. “This spooks people,” he said of Thursday’s BLS report.
Correction, August 14, 2025: A previous version of this article misquoted Thomas Perfumo.
