Midnight (NIGHT) Drops 3.59% Amid Broad Crypto Selloff

Midnight (NIGHT)’s Recent Move Explained by Broad Crypto Selloff, Not Project-Specific News

Midnight (NIGHT)’s 3.59-percentage-point move over the last 15 hours is best explained by a broad crypto selloff driven by macro data and large derivatives liquidations, not Midnight-specific news.

Macro Inflation Shock Hit the Whole Crypto Market

The strongest identifiable catalyst in the last day is a macro shock from US inflation data, which weighed on risk assets including crypto.

1. September US CPI came in hotter than expected, with headline inflation rising to 3.7% year over year and core CPI to 2.6%, both above forecasts and prior readings. This increased concern that the Federal Reserve could keep rates higher for longer or even hike at its late October meeting, as reported by multiple outlets covering the CPI release and market reaction.
2. In response, major crypto assets sold off. Articles summarizing the move show Bitcoin down around 2–3% and Ethereum down about 5–6%, with other large caps such as XRP, Solana and Dogecoin also dropping in the mid-single-digit range over roughly the same window. These moves are documented in market wrap pieces on the inflation print and subsequent trading session, for example coverage of major cryptocurrencies falling after hotter-than-expected CPI.
3. At the aggregate level, CoinMarketCap’s market overview shows total crypto market capitalization down about 3.8% over the last 24 hours, from roughly $2.8 trillion to $2.69 trillion, with Bitcoin dominance roughly flat. That pattern is consistent with a broad, macro-driven risk-off move rather than rotation out of Bitcoin only.