Crypto market update: US record inflation weighs on market

By Raffaele Redi

Investors concerned about the impact of US inflation data on cryptos

Sales prevailed on the crypto market on Friday 10 June 2022, as investors looked with concern at the latest US inflation data – which reported the annual inflation rate “unexpectedly” accelerating to 8.6% in May.

The figure was at its highest for 40 years, and compared badly against the market forecast of 8.3%.

“A key inflation report that could trigger sway market expectations as to what the Fed may do in September,” said Ed Moya, senior market analyst at Oanda.​

“Much of the attention for crypto traders fell on the SEC’s investigation of TerraUSD stablecoin. ​This has been a messy several weeks for crypto filled with lawsuits, scams, and fading interest as prices have remained anchored. ​Crypto needs a few fresh catalysts to break out of these doldrums and that could take a while,” he added. ​ ​ ​ ​ ​ ​

BTC fails the $30k resistance test

According to Currency.com, Bitcoin (BTC), the largest cryptocurrency by market capitalisation, ended yesterday at $30,083.95, down 0.31%. It is currently trading at $29,440.

Over the past 24 hours, BTC is trading 2.5% lower, and 1% lower over the past seven days, according to CoinMarketCap. Bitcoin’s market cap was $560.6bn, representing around 46.6% of the crypto market capitalisation, while the lead crypto’s trading volume was around 11% lower at $27.4bn in the past 24 hours.

The digital oil, Ether (ETH), according to Currency.com, ended yesterday at $1,787, down 0.18%. ETH is currently trading at $1,723. Ethereum developers announced they were closer to a long-awaited blockchain upgrade, completing the so-called ‘Ropsten testnet merge’ with a proof-of-stake mechanism, despite identifying some bugs that needed fixing.

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The total crypto market capitalisation fell by $31bn from $1.235trn to $1.204trn in the past 24 hours.

Top gainers and losers

According to CoinMarketCap, of the top 100 coins and tokens, Bitcoin SV (BSV), an altcoin deriving from a hard fork of the Bitcoin Cash (BCH) blockchain in 2018, witnessed a 2.4% increase over the last 24 hours and is changing hands at $54.52.

On the flip side, Algorand (ALGO), Algorand blockchain’s native token, recorded more than a 9.5% decrease over the last 24 hours and is trading at $0.3702.

Among the crypto coins and tokens with more than a $50,000 24h-volume that have gained or lost the most in the past 24 hours, Tenset (10SET) witnessed a 1,144% increase to $2.78, while Saitama (SAITAMA), was down 74% at $0.000000000123.

All cryptocurrency prices are correct as of 14:30 BST (UTC +1).

Further reading

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