0/ June 8 - 14 was severe for crypto and the broader financial markets as the U.S. CPI resulted in a strong reaction.
$BTC recorded red candles every day from June 7, which meant there was not enough buying power. The intensified sell-off on June 13 caused a $4,100 loss for it.
1/ In this period:
$BTC briefly touched $20.8k, falling by 29% in a week
$ETH traded below $1.2k, down ~75% from ATH
The total crypto market cap dropped below $1T
The Crypto Fear & Greed index touched 8 points
Over 240,000 traders suffered from losses in $1.3B crypto liquidations
2/ $ETH lost its share of the total market cap due to several reasons. The troubles with its #DeFi space, or $stETH "depegging" & @CelsiusNetwork insolvency crisis, plus the delayed difficulty bomb caused the mess.
ETHBTC ratio slid from the high of 0.076 on May 11 to 0.0509.
3/ $LEO was the only top cryptocurrency to see green, partly thanks to the massive burns.
$CEL surged as Celsius returned 28.1M of $DAI to @MakerDAO to avoid $WBTC liquidation & supplied roughly 8,000 $ETH to @AaveAave to save its $stETH position.
Others include stablecoins.
4/ $CRV & $CVX were 98.6% and 93.4% down from their ATHs. Both DEXes saw massive drawdowns in TVL and decreasing trading volume.
$TRX was hit after $USDD #stablecoin lost its peg. Tron's TVL was plunging to April 2022 levels when it hadn't launched #USDD and a lending platform.
5/ $WAVES closed the week with a significant 42.9% loss.
$LTC recorded -29.6% in price following delistings from major Korean exchanges due to its privacy modifications for the coin (MWEB). @binance announced to end support for LTC transactions sent through the MWEB function.
6/ Despite the catastrophe, hedge funds and investment managers still believe in the market's rebound and $BTC's likeliness to hit $100k.
There is still huge leverage in the system, and we can expect more deleveraging if BTC goes lower.
7/ News:
Bank of America Survey: Consumers Aren’t Done With Crypto Yet: cutt.ly/CJ6Pmsq
@HuobiGlobal launches $1B investment arm focused on DeFi and Web3: cutt.ly/1J6PAjx
Goldman Sachs executes its first trade of Ether-linked derivative: cutt.ly/gJ6PZEW
8/ @CelsiusNetwork turmoil is part of a broader macro picture: cutt.ly/FJ6AwWa
#NFT floor prices are falling along with the broader crypto market: cutt.ly/7J6AieV
@opensea announces new security features to protect users from NFT scams: cutt.ly/YJ6AfWs
9/ The bear market can be coming, but we can't let it take us down. Our mental health & well-being are the most important.
It hurts to see the portfolio sinking, but remember that you have more things to take care of. Useful tips from @0xRusowsky👇
0xrusowsky.substack.com/p/how-to-menta…
10/ More market insights and infographics? Subscribe to our newsletter to explore: coin360.com
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