Crypto market declines as BTC falls below $77,000 and PayFi sector drops 4.36%

The crypto market experienced a two-day decline following higher-than-expected US PPI data for August, which raised the probability of a Federal Reserve rate hike in September to 70%, alongside the European Central Bank's defensive 25BP rate hike. The PayFi sector led the decline with a 4.36% drop, notably Zcash (ZEC) down 11.60%, Dash (DASH) down 3.83%, and XRP down 2.48%. Bitcoin (BTC) fell 1.53% to below $77,000, while Ethereum (ETH) dropped 0.40% to below $2,500.