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Jun 15 11 tweets 8 min read
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. Image
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 Image
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. Image
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. Image
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. Image
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. Image
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

Follow us on #Twitter and #Telegram for the latest updates!

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More from @COIN360com

Jun 17
After a short rebound, the crypto market came back down on fears of a potential implosion as 3AC was facing serious insolvency risks. In #Coin360 Daily Digest👇

@Immutable @DecentralGames @decentraland @sknupsgg @dolcegabbana @LidoFinance @FTX_Official @BitvoCrypto @PolyNetwork2 Image
1/ $BTC was wandering around the $20k support level with the RSI falling to the deeply oversold stages.

This suggested a short-term relief rally, but if #BTC breaks support, a new round of liquidations will occur. Traders should beware of the sell-off as:
2/ $ETH faced a similar situation as it was entering the oversold level, but traders were afraid of a drop to $1k which could push the price lower.

Follow the market with our heatmap: coin360.com Image
Read 16 tweets
Jun 17
Despite the clarification made, @Tether_to didn't seem to be able to retain its users as the No.1 #stablecoin market cap has fallen under $70B, reaching its lowest point since October 2021.

$USDT $USDC $BUSD $DAI $FRAX $TUSD Image
Data from @santimentfeed also suggested that big investors were staying away from $USDT since the addresses with $100k to $10M in $USDT had plunged by -50.5% of their coins, showing signs of holding less percentage of supply.

Meanwhile, @MakerDAO appeared to try to protect their slight recovery in $DAI by temporarily disabling the DAI Direct Deposit Module (D3M) for @AaveAave, which is believed to help them avoid the risk of not being able to retrieve all the $DAI that @CelsiusNetwork borrowed.
Read 7 tweets
Jun 16
We had been seeing green for most of the day as more assets recorded a relief rally. In #Coin360 Daily Digest 👇

@TrueGlobalVCs @circlepay @animocabrands @TinyTapit @HuobiGlobal @HuobiTH @InverseFinance @ankr @optimismPBC @AcalaNetwork @pendulum_chain @amplitude_chain Image
1/ $BTC failed to cross $23k overnight and went back to its $21k level. As the rate hike seemed to be priced into the market, the market leader didn't make big moves.

@intotheblock data suggested a potential bottom as it spotted the largest #BTC inflow since Feb.
2/ $ETH spiked by 4%+ today, but traders warned of a possible bull trap amid @CelsiusNetwork and 3AC's risks.

$TRX was among the top gainers as @trondaoreserve announced to withdraw 3B #TRX to protect $USDD peg. Other winners were $EGLD $THETA $HNT $SOL with double-digit gains. Image
Read 16 tweets
Jun 16
The second financial quarter of 2022 witnessed the first-ever drop in #stablecoin supply from the beginning of cryptoverse, according to @coinmetrics Head of R&D @LucasNuzzi.

This was caused by multiple factors, as... Image
Data from @cryptoquant_com pointed out that the total supply of stablecoin had a freefall on May 14, which might have been a result of whales' effort to exit the market following $USDT's depegging.

According to on-chain analytics platforms, 7B $USDT were wiped out. ImageImage
$DAI was hit hard by the collapse of @terra_money $UST and recorded a massive liquidation, marking its supply down by 34% from 9.2B at the beginning of Q2 to approximately 6B today. Image
Read 7 tweets
Jun 15
1/ $BTC marked an 8%+ drop in the past 24h and dropped to below $20,700 at the time of writing. With the price action, many analysts doubted #BTC's ability to sustain the low $20,000 zone for long.

$BTC number of addresses in loss (7d MA) reached an ATH: Image
2/ $ETH was bleeding to under $1.1k following $BTC's plunge. The percentage of @ethereum addresses in profit has dropped to the lowest level since April 2020, as per @intotheblock:
Read 17 tweets

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