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Crypto Market Daily Highlights – June 10 – ADA, BNB, GMT, and MATIC

·3 min read

Key Insights:

  • It was a bearish Friday, with the broader crypto market declining for a fourth consecutive day.

  • US inflation figures for May sent the crypto majors into freefall after inflation hit another 40-year high.

  • Among the top ten, Binance Coin (BNB) faired better than most, falling by just 1.0%.

After a mixed Thursday session, the crypto market recoupled with the NASDAQ 100 to see deep red.

Cardano (ADA) reversed Vasil hard fork-driven gains from earlier in the week.

US inflation figures for May did the damage on Friday. The NASDAQ 100 tumbled by 3.52% in response to US inflation hitting a new 40-year high.

In May, the US annual rate of inflation accelerated from 8.3% to 8.6%. A modest decline in crude oil prices provided little comfort at the end of the week.

While the inverse correlation between bitcoin (BTC) and WTI Crude weakened, the correlation with the NASDAQ 100 strengthened on Friday. The correlation reflected investor sentiment towards inflation and Fed monetary policy ahead of next week’s FOMC meeting.

NASDAQ BTC WTI 110622 5 Minute Chart
NASDAQ BTC WTI 110622 5 Minute Chart

Crypto Market Cap Gives Up $60 Billion Before Steadying

After having avoided sub-$2,000 billion for a second consecutive day, the total crypto market cap slumped to a day low of $1,157 billion on Friday.

A $58 billion tumble came in response to the US inflation figures. A modest recovery to $1,16 billion levels was of little consolation late in the day.

From the top ten cryptos, ADA slid by 9.2%. BNB faired the best among the top ten, falling by just 1.2%.

BTC (-3.4%), DOGE (-5.0%), ETH (-7.1%), and XRP (-4.7%) all reacted to the inflation numbers.

From the top 100, Chainlink (LINK) was among the worst performers, tumbling by 13.3%.

MATIC (-6.3%) and GMT (-8.5%) also saw heavy losses alongside the broader market.

Several cryptos bucked the trend on Friday.

UNUS SED LEO (LEO) (+1.5%), Bitcoin SV (BSV) (+3.1%), and Huobi Token (HT) (+1.0%) found support.

Total Crypto Liquidations Spiked on Friday

Total liquidations spiked on Friday, as the broader market reacted to the latest US inflation numbers.

According to Coinglass, 24-hour liquidations stood at $298.31 million, up from $103.50 million on Thursday. More significantly, liquidations over 12 hours stood at $239.70 million, taking 24-hour liquidations to levels seen last week.

1-hour liquidations suggested a steadying in market conditions.

At the time of writing, total liquidations over one hour stood at $8.35 million.

Total Crypto Liquidations 110622
Total Crypto Liquidations 110622

Crypto Daily News Highlights

  • The SEC is investigating Terraform and founder Do Kwan.

  • Following news of the Lummis and Gillibrand bill, the CFTC and the SEC will battle it out for oversight of digital currencies.

  • Bloomberg expanded the Bloomberg Terminal coverage to include 50 cryptocurrencies.

  • In the SEC v Ripple case, a court ruling went against the SEC ahead of a major court ruling next week.

  • Global bitcoin (BTC) adoption could be up by a further 10% by 2030.

This article was originally posted on FX Empire

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