The total crypto market capitalization has been trading in a descending channel for the past 29 days and currently displays support at the $1.17 trillion level. In the past 7 days, Bitcoin (BTC) presented a modest 2% drop and Ether (ETH) faced a 5% correction.
Total crypto market cap, USD billion. Source: TradingView
The June 10 consumer price index (CPI) report showed an 8.6% year-on-year increase and crypto and stock markets immediately felt the impact, but it’s not certain whether the figure will convince the U.S. Federal Reserve to hesitate in future interest rate hikes.
Mid-cap altcoins dropped further, sentiment is still bearish
The generalized bearish sentiment caused by weak macroeconomic data and uncertainties regarding the Federal Reserve’s ability to curb inflation has severely impacted crypto markets.
The Fear and Greed Index hit 11/100 on June 9, and the data-driven sentiment gauge has been below 20 since May 8.
Crypto Fear & Greed Index. Source: alternative.me
This persistent “extreme fear” reading indicates that investors are worried but, at the same time, it supposedly presents a buying opportunity.
Below are the winners and losers from the past seven days. While the two leading cryptocurrencies presented modest losses, a handful of mid-capitalization altcoins declined by 14% or more.
Weekly winners and losers among the top 80 coins. Source: Nomics
Helium’s (HNT) community approved the HIP-51 proposal, covering the economic and technical constructions required to support new users, devices and different types of networks, including cellular, VPN, and WiFi.
Chainlink (LINK) rallied 22% after the developers released a revamped Chainlink 2.0 roadmap, including native token staking.
Theta Token (THETA) gained 9.7% as the network announced livestream support using API technology which enabled instant and easy connection to apps and websites.
WAVES lost 28% after the $1,000 daily withdrawal limit for stablecoins in Vires Finance were implemented to avoid further pressure on the Neutrino Protocol Stablecoin (USDN).
Data shows traders are less inclined to sell at the current levels
The OKX Tether (USDT)…
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