The total crypto market cap fell to $2.71 trillion, down 3.0% over the past 24 hours. Bitcoin is holding relatively steady at $77,285.98, also down 3.0%, but altcoins are bearing the brunt of today’s selloff. Ethereum dropped to $2,438.53, $XRP fell to $1.36, and Solana slipped to exactly $100.00, all posting losses in the 3-5% range. Zcash, HYPE and DOGE posted losses more than 7% each.

Hot Inflation Data Triggers the Selloff

The catalyst came from Washington. US Producer Price Index data came in at 5.4%, above the 5.3% forecast and the highest reading in two months. The hotter-than-expected inflation print rattled markets broadly, not just crypto, gold and silver lost a combined $490 billion in market value within an hour of the…