Crypto Market Daily Highlights – June 11 – ETH, LINK, and SOL Slump

Key Insights:

• Crypto market conditions deteriorated further on Saturday, with the broader market seeing red for a fifth consecutive day.
• Investor angst over the influence of inflation on Fed monetary policy weighed, with investors unable to move on from the US inflation numbers from Friday.
• The total crypto market cap saw another $39 billion wiped out, with the total market cap falling to a day low of $1,105 billion.

After a bearish Friday session, the crypto market took another hit on Saturday. Investors continued to respond to the pick up in US inflationary pressure, with the Fed due to deliver its June policy decision on Wednesday.

The extended sell-off left bitcoin (BTC) at sub-$29,000 for the day, with upbeat investor sentiment towards Chainlink (LINK) and Cardano (ADA) delivering little support.

Crypto Market Cap Gives Up $42 Billion Before Steadying

Saturday’s bearish session saw the total crypto market cap slide by $61 billion to a day low of $1,105 billion before support kicked in.

For the crypto bulls, the only consolation was the avoidance of the May 12 low of $1,082 billion.

Investor sentiment towards inflation, the economy, and Fed monetary policy remained the key drivers.

For the crypto market, an anticipated shift in the regulatory landscape remained another factor for investors to consider.

Of the top ten cryptos, ETH and SOL saw the heaviest losses, sliding by 7.89% and by 8.62%, respectively.

Things were not much better elsewhere.

ADA (-3.66%), BNB (-5.73%), BTC (-2.30%), DOGE (-7.33%), and XRP (-5.83%) all reacted further to Friday’s US inflation numbers.

From the top 100, Chainlink (LINK) was among the worst performers for a second day, tumbling by 12.37%.

Helium (HNT) led the way down, sliding by 16.71%, with GMT (-12.01), SAND (-10.05%), and AAVE (-12.43%) also among the heavy losers.

Of the top 100, OKB (OKB) bucked the broader market trend, rising by 5.24%.

Total Crypto Liquidations Spiked Again

Total liquidations spiked on Saturday as investors reacted further to the latest US inflation numbers.

According to Coinglass, 24-hour liquidations stood at $352.15 million, up from $298.31 million on Friday. More significantly, liquidations over 12 hours stood at $194.63 million, leaving 24-hour liquidations at similar levels to Friday.

1-hour liquidations suggested a steadying in market conditions.

At the time of writing, total liquidations over one hour stood at $2.29 million.

Crypto Daily News Highlights

• The EU made progress towards an agreement on MiCA, though differences remained, including how to oversee NFTs.
• Huobi launched a $1 billion investment vehicle targeting DeFi and Web3.
• TRON DAO Reserve bought $50 million in BTC and TRX to leave USDD overcollateralized by 194.84%.
• Ethereum core developers announced another delay, sinking ETH.
• Deloitte survey showed more than 75% of US merchants are planning to accept digital currencies within the next 24 months.