Data: The cryptocurrency market is facing a setback across the board, with the Meme sector leading the decline by over 8%, and ETH briefly falling below $4500

ChainCatcher message indicates that, according to SoSoValue data, the significant unexpected impact of the U.S. July PPI has weakened the expectations for a substantial interest rate cut in September, cooling market sentiment. In the past 24 hours, the cryptocurrency market has faced a widespread setback, with an average decline of about 2% to 9%. Among them, the Meme sector dropped 8.62% in 24 hours, with Pepe (PEPE), SPX6900 (SPX), and Fartcoin (FARTCOIN) falling 10.43%, 10.97%, and 13.52% respectively. Additionally, Ethereum (ETH) fell 2.43%, briefly dropping below $4500, and has now rebounded above $4600. Bitcoin (BTC) decreased by 3.85%, falling below $119,000.

In other sectors, the CeFi sector declined 1.18% in 24 hours, with LEO Token (LEO) remaining relatively strong, rising 1.57%; the Layer1 sector dropped 3.25%, with Algorand (ALGO) down 9.86%; the PayFi sector fell 6.57%, with Velo (VELO) down 10.55%; the DeFi sector decreased by 6.65%, but Saros (SAROS) and AERO (Aerodrome Finance) rose 2.19% and 2.28% respectively; the Layer2 sector dropped 6.73%, while SKALE (SKL) surged 47.98%.

The cryptocurrency sector indices reflecting historical market trends show that the ssiGameFi, ssiMeme, and ssiAI indices fell by 8.57%, 8.55%, and 8.35% respectively.