Crypto Market Collapses After PPI Surge Fuels Uncertainty

The crypto market experienced a sharp downturn on August 14th, shedding over 2% as hot US Producer Price Index (PPI) data and conflicting comments from Treasury Secretary Scott Bessent fueled uncertainty. Bitcoin (BTC), Ethereum (ETH), and XRP all declined in value following the release of hotter-than-expected PPI figures for July and a series of contradictory statements by the Treasury Secretary regarding Bitcoin’s potential inclusion in the Strategic Bitcoin Reserve.